SOLUTION: If you pay $20 to enter a game and the winning a prize money of $1000 is 1 out of 200, $500 is 1 out of 100, $200 is 1 out of 50, $100 is 1 out of 20. Do you lose or win in a long
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-> SOLUTION: If you pay $20 to enter a game and the winning a prize money of $1000 is 1 out of 200, $500 is 1 out of 100, $200 is 1 out of 50, $100 is 1 out of 20. Do you lose or win in a long
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Question 573802: If you pay $20 to enter a game and the winning a prize money of $1000 is 1 out of 200, $500 is 1 out of 100, $200 is 1 out of 50, $100 is 1 out of 20. Do you lose or win in a long run? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! If you pay $20 to enter a game and the winning a prize money of $1000 is 1 out of 200, $500 is 1 out of 100, $200 is 1 out of 50, $100 is 1 out of 20. Do you lose or win in a long run?
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E(x) = (1/200)*1000 + (1/100)*500 + (1/50)200 + (1/20)*100 - (83/100)20
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= (1/200)*1000 + (2/200)*500 + (4/200)200 + (10/200)*100 - (183/200)20
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= (1000+1000+800+1000-3660)/200 = $0.70
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> 0
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You win.
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Cheers,
Stan H.
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