Xenapin808idn
Answered

Connect with a knowledgeable community and get your questions answered on IDNLearn.com. Ask anything and receive comprehensive, well-informed responses from our dedicated team of experts.

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 being part of this discussion. Keep exploring, asking questions, and sharing your insights with the community. Together, we can find the best solutions. IDNLearn.com has the solutions you’re looking for. Thanks for visiting, and see you next time for more reliable information.