SOLUTION: Please I need help with this question, and I would like to know how to do it with a TI-83 plus. Thanks! In a game you have a 1/44 probability of winning $130 and a 43/44 probabi

Algebra ->  Probability-and-statistics -> SOLUTION: Please I need help with this question, and I would like to know how to do it with a TI-83 plus. Thanks! In a game you have a 1/44 probability of winning $130 and a 43/44 probabi      Log On


   

Question 885634: Please I need help with this question, and I would like to know how to do it with a TI-83 plus. Thanks!
In a game you have a 1/44 probability of winning $130 and a 43/44 probability of losing $9. What is your expected value? Rounded to the nearest dollar.
Answer by Edwin McCravy(20062) About Me  (Show Source):
You can put this solution on YOUR website!
You multiply each probability times the winning or loss,
and add them all up.  Use a positive number for a win and 
a negative number for a loss.  On a TI-83:

1÷44×130+43÷44×-9 ENTER

Be sure to use the negative key (-), not the minus — key, for -9 

Get -5.840909091 which means -$5.84 which means you'll
average losing $5.84 per game if you play it many times.

But since you are told to round to the nearest dollar,
it will be -$6.

Edwin