SOLUTION: Hi! I need your help ASAP. Thank you! How much will the player expect to win given that: Prize -10 0 2 10 Probability 30% 35% 20% 15%

Algebra ->  Probability-and-statistics -> SOLUTION: Hi! I need your help ASAP. Thank you! How much will the player expect to win given that: Prize -10 0 2 10 Probability 30% 35% 20% 15%       Log On


   

Question 1183825: Hi! I need your help ASAP. Thank you!
How much will the player expect to win given that:
Prize -10 0 2 10
Probability 30% 35% 20% 15%

Answer by Boreal(15235) About Me  (Show Source):
You can put this solution on YOUR website!
Minus will be -$10*0.3 probability or -$3
35% he will win 0, so that is 0
20% he will win $2, so that is $0.40
15% he will win 10, so that is $1.50
That adds up to -$1.10, the expected value (loss)