SOLUTION: What is your expected value for a game whose probabilities and outcomes are given in the following table?
%
Probability Profit
0.5 You win 1.9 times your wager.
0.1 You win yo
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Question 1166680: What is your expected value for a game whose probabilities and outcomes are given in the following table?
%
Probability Profit
0.5 You win 1.9 times your wager.
0.1 You win your wager.
0.1 You lose 2 times your wager.
0.3 You win nothing.
Answer by greenestamps(13203) (Show Source): You can put this solution on YOUR website!
It's a straightforward application of the formula for expected value....
If your wager is x, then the expected value is
You can do the calculation....
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