document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=393667>Question 393667</A>: <I><SPAN STYLE=\"word-break: break-all;\"> For a fair game what should be the charge to play if there is a .003 probability to win $1,000, .007 probability to win $100, and .99 probability of not winning anything </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #279349 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=279349\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\">  For a fair game what should be the charge to play if there is a .003 probability to win $1,000, .007 probability to win $100, and .99 probability of not winning anything<BR>\n" );
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document.write( "Let the charge be \"x\".<BR>\n" );
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document.write( "Winning values are: 1000-x ; 100-x ; -x<BR>\n" );
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document.write( "Note: A fair game has an expected value of zero.<BR>\n" );
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document.write( "Equation:<BR>\n" );
document.write( "0.003(1000-x)+0.007(100-x)+0.99(-x) = 0<BR>\n" );
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document.write( "3(1000-x) + 7(100-x) - 990x = 0<BR>\n" );
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document.write( "3000-3x + 700-7x - 990x = 0<BR>\n" );
document.write( "-1000x = -3700<BR>\n" );
document.write( "x = $3.70 (amount you should pay to play the game)<BR>\n" );
document.write( "====================<BR>\n" );
document.write( "Cheers,<BR>\n" );
document.write( "Stan H. </SPAN>\n" );
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