In a game, you have 1/36 probability of winning $100 and a 35/36 probability of losing $2. What is your expected value?
Question
Solution 1
The expected value is calculated by multiplying each outcome by the probability of that outcome, then summing these values.
Step 1: Calculate the expected value for winning. This is the product of the probability of winning and the amount won: (1/36) * $100 = $2.78 (approximately)
Step 2: Calcu Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob
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