64 517
Assignments Done
99,3%
Successfully Done
In September 2018

Answer to Question #44149 in Statistics and Probability for Joseph

Question #44149
In a game you will win $50 with 0.25 probability, lose $20 with 0.3 probability, and lose $10 with 0.45 probability. What is the expected value of playing the game?
Expert's answer
The expected value of playing the game is the mean calculated by the following formula
E(X)=Sum of (Value*Probability)=50*0.25-20*0.3-10*0.45=2.
Answer: the expected value of playing the game is $2.

Need a fast expert's response?

Submit order

and get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

Comments

No comments. Be first!

Leave a comment

Ask Your question

Submit
Privacy policy Terms and Conditions