SOLUTION: 4. Tanya is considering playing a game at the fair. There are three different ones to choose from, and it costs $2 to play a game. The probabilities associated with the games are g
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Question 1071157: 4. Tanya is considering playing a game at the fair. There are three different ones to choose from, and it costs $2 to play a game. The probabilities associated with the games are given in the table.
Lose $2 Win $1 Win $4
Game 1 0.55 0.20 0.25
Game 2 0.15 0.35 0.50
Game 3 0.20 0.60 0.20
a. What is the expected value for playing each game?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Tanya is considering playing a game at the fair. There are three different ones to choose from, and it costs $2 to play a game. The probabilities associated with the games are given in the table.
Lose $2 Win $1 Win $4
Game 1 0.55 0.20 0.25
Expected "winnings" = 0.55(-2) + 0.2*1 + 0.25*4 = $0.1 = 10 cents
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I'll leave the others to you.
Cheers,
Stan H.
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Game 2 0.15 0.35 0.50
Game 3 0.20 0.60 0.20
a. What is the expected value for playing each game?
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