# Answer on Statistics and Probability Question 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.

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 orderand get a quick answer at the best price

for any assignment or question with DETAILED EXPLANATIONS!

## Comments

## Leave a comment