SOLUTION: What is your expected value for a game whose probabilities and outcomes are given in the following table?
Probability Profit
0.1 You win 1.1 times your wager.
0.5 You win you
Algebra.Com
Question 1152970: What is your expected value for a game whose probabilities and outcomes are given in the following table?
Probability Profit
0.1 You win 1.1 times your wager.
0.5 You win your wager.
0.1 You lose 2 times your wager.
0.3 You win nothing.
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
wager=w
E(X)= (1.1W-W)(0.1)+ 0.5 (W-W)+0.1(-2W-W)+ (0.3)(-W)
=0.01W+0-0.3W-0.3W
=-0.59W
RELATED QUESTIONS
What is your expected value for a game whose probabilities and outcomes are given in the... (answered by greenestamps)
4. Tanya is considering playing a game at the fair. There are three different ones to... (answered by stanbon)
A game is said to be "fair" if the expected value for winnings is 0, that is, in the long (answered by stanbon)
Suppose you play a game of chance in which you toss a coin 3 times. You pay a nor... (answered by greenestamps)
The latest nationwide political poll indicates that for persons who are
randomly... (answered by Boreal)
For a certain game of chance, a player loses $3 with a probability of 0.3, breaks even... (answered by stanbon)
An urn contains 4 green, 6 blue and 10 yellow chips.
You pay $5 to draw a chip from the (answered by Theo,stanbon)
2. A game at the fair involves a wheel with seven sectors. Two of the sectors are red,... (answered by stanbon)
A game at the fair involves a wheel with seven sectors. Two of the sectors are red, two... (answered by math_tutor2020)