Xenapin808idn
Answered

Connect with knowledgeable experts and enthusiasts on IDNLearn.com. Get timely and accurate answers to your questions from our dedicated community of experts who are here to help you.

Find the expected value of the winnings from a game that has the following payout probability distribution. Round to the nearest hundreath.

Find The Expected Value Of The Winnings From A Game That Has The Following Payout Probability Distribution Round To The Nearest Hundreath class=

Sagot :

Expected value is $20.20
Step-by-step explanation:
Here, we want to calculate the expected value
What we have to do here is to multiply the probability by the payout value; after which we add all values
Thus, we have the payout value as;
1(0.12) + 4(0.2) +6(0.38) + 8(0.2) + 10(0.1)
= 0.12 + 0.8 + 2.28 + 1.6 + 1

The expected value of the winnings from a game will be [tex]2.96[/tex] .

What is Probability ?

Probability is the ratio of the number of possible outcomes to the total number of outcomes.

we have,

Payout    [tex](\$) = 0,\ \ \ 1,\ \ \ 2,\ \ \ 5,\ \ \ 10[/tex]

Probability [tex]=0.12,0.2,0.38,0.2,0.1[/tex]

So,

To find the expected value,

Now,

Multiply payout values with its probability and sum these values,

i.e.

Expected value [tex]= (0*0.12)+(1*0.2)+(2*0.38)+(5*0.2)+(10*0.1)[/tex]

                          [tex]=0+0.2+0.76+1+1[/tex]

Expected value [tex]=2.96[/tex]

Hence, we can say that the expected value of the winnings from a game will be [tex]2.96[/tex] .

To know more about Probability click here

https://brainly.com/question/27579447

#SPJ2

Thank you for using this platform to share and learn. Don't hesitate to keep asking and answering. We value every contribution you make. Thank you for visiting IDNLearn.com. We’re here to provide dependable answers, so visit us again soon.