SOLUTION: Suppose the amount of money someone wins or loses is uniformly distributed between -10 and 23$ . A negative value means a loss. To receive credit you must include a picture with co

Algebra ->  Probability-and-statistics -> SOLUTION: Suppose the amount of money someone wins or loses is uniformly distributed between -10 and 23$ . A negative value means a loss. To receive credit you must include a picture with co      Log On


   

Question 1089725: Suppose the amount of money someone wins or loses is uniformly distributed between -10 and 23$ . A negative value means a loss. To receive credit you must include a picture with corresponding areas as shown in class.
e) Find the probability someone does make win or lose.

Answer by Fombitz(32388) About Me  (Show Source):
You can put this solution on YOUR website!
So there are
23%2B10%2B1=34 total values.
and the probability for each value is P=1%2F34
So then,
E=sum%28%28X%2AP%28X%29%29%2CX=-10%2C23%29
E=%281%2F34%29%2Asum%28%28X%29%2CX=-10%2C23%29
E=%281%2F34%29%28221%29
E=221%2F34
E=13%2F2
Your expected winning would be 13%2F2 or $6.50.