In a game, you have a 1/28 probability of winning 125 dollars and a 27/28 probability...
In a game, you have a 1/28 probability of winning 125 dollars and a 27/28 probability of losing 5 dollars. ON AVERAGE, how much would you expect to win or loose playing this game?
SELECT ALL APPLICABLE CHOICES
A) E=−23.7E=−23.7
B) E=−0.357E=−0.357
C) E=12.3E=12.3
D) E=−20.4
Homework Answers
Correct option:
(B) E = - 0.357
Explanation:
From the given data, the following Table is calculated:
| Event | Value (x) | Probability (p) | x p |
| Winning | 125 | 1/28 | 125 X 1/28 = 4.4643 |
| Losing | - 5 | 27/28 | - 5 X 27/28 = - 4.8214 |
| Total | - 0.357 |
So,
Expected Value = E = - 0.357
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