SOLUTION: There is a game where the numbers 1 through 10 are put in hat and one number is picked. It costs $5 to play. If you pick a two then you win $15. If you pick an odd number then y
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-> SOLUTION: There is a game where the numbers 1 through 10 are put in hat and one number is picked. It costs $5 to play. If you pick a two then you win $15. If you pick an odd number then y
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Question 1147719: There is a game where the numbers 1 through 10 are put in hat and one number is picked. It costs $5 to play. If you pick a two then you win $15. If you pick an odd number then you win $7. You decide to play the game once. What are your expected winnings? Answer by ikleyn(52832) (Show Source):
Expected winning is -5 + + = -5 + 1.5 + 7*0.5 = 0.00 dollars. ANSWER
In this solution, is the probability to pick up a two.
is the probability to pick up an odd number.
-5 is the cost to play.
This solution and this answer assumes that the experiment (the game) is repeating many times.
Otherwise, the notion "Math expectation" is not applicable.
