SOLUTION: In a certain game, the probability of the winning is 0.3; the probability of loosing is 0.7. If a player wins, the player will collect $50. If the players looses, the player will l

Question 680325: In a certain game, the probability of the winning is 0.3; the probability of loosing is 0.7. If a player wins, the player will collect $50. If the players looses, the player will lose $5. What is the expected value of this game?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
In a certain game, the probability of the winning is 0.3; the probability of loosing is 0.7. If a player wins, the player will collect $50. If the players looses, the player will lose $5. What is the expected value of this game?
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Random number values: 50 ; -5
Probabilities:::::::: 0.3 ; 0.7
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E(x) = 0.3*50 - 0.7*5 = 15 - 3.5 = $11.50
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Cheers,
Stan H.
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