SOLUTION: What is your expected value for a game whose probabilities and outcomes are given in the following table? % Probability Profit 0.5 You win 1.9 times your wager. 0.1 You win yo

Algebra ->  Percentage-and-ratio-word-problems -> SOLUTION: What is your expected value for a game whose probabilities and outcomes are given in the following table? % Probability Profit 0.5 You win 1.9 times your wager. 0.1 You win yo      Log On


   

Question 1166680: What is your expected value for a game whose probabilities and outcomes are given in the following table?
%
Probability Profit
0.5 You win 1.9 times your wager.
0.1 You win your wager.
0.1 You lose 2 times your wager.
0.3 You win nothing.
Answer by greenestamps(13203) About Me  (Show Source):
You can put this solution on YOUR website!


It's a straightforward application of the formula for expected value....

If your wager is x, then the expected value is

%280.5%29%28%2B1.9x%29%2B%280.1%29%28%2B1x%29%2B%280.1%29%28-2x%29%2B%280.3%29%280%29

You can do the calculation....