One option in a roulette game is to bet $8 on red. There are 18 red compartments, 18 black compartments, and two compartments that are neither red not black. If the ball lands on red, you get to keep the $8 you paid to play the game and you are awarded $8. If the ball lands elsewhere, you are awarded nothing and the $8 bet is collected.
What is the expected value for playing roulette if you bet $8 on red? Round your answer to the nearest cent.