SOLUTION: Joe’s baseball team sold 200 chances to win a $250 set of golf clubs. What is the expected value of a single chance if only one chance wins?
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Question 364446: Joe’s baseball team sold 200 chances to win a $250 set of golf clubs. What is the expected value of a single chance if only one chance wins? Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Joe’s baseball team sold 200 chances to win a $250 set of golf clubs. What is the expected value of a single chance if only one chance wins?
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E(x) = (1/200)*250 = (5/4) = $1.25
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Cheers,
Stan H.
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