Question

Find the expected value of the winnings

Answer 1

Answer:

4.35

Step-by-step explanation:

The expected value can be defined as: $\sum{x_i*p_i}$ where x_i = the payout, and p_i = the probability of it occurring.

This gives us the expression: $(1 * 0.35) + (2 * 0.2) + (5 * 0.1) + (8 * 0.2) + (10 * 0.15) = 0.35 + 0.4 + 0.5 + 1.6 + 1.5 = 4.35$

So the expected payout is 4.35