In a game, you have 1/36 probability of winning $100 and a 35/36 probability of losing $2. What is your expected value?

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: Calculate the expected value for losing. This is the product of the probability of losing and the amount lost: (35/36) * -$2 = -$1.94 (approximately)

Step 3: Add these two values to find the total expected value: $2.78 -$1.94 = $0.84

So, the expected value of the game is $0.84. This means that on average, you can expect to win$0.84 each time you play this game.