R = 3/91 since 3/7 is equal to .42857 and 13 divided by .42857 is 3/91.
50% of having it land one heads
∑ ( from n = 1 to n =5 ) 3 · ( -2 ) ^( n -1 )
a 1 = 3 · ( -2 ) ^0 = 3
a 2 = 3 · ( - 2 ) = - 6
a 3 = 3 · 4 = 12
a 4 = 3 · ( - 8 ) = - 24
a 5 = 3 · 16 = 48
3 - 6 + 12 - 24 + 48 = 33
Answer: C ) 33
The expected value of the outcome of the bid is $0.18
So let's start by counting how many bids are placed up to a total of 160.
100*160 = 16000.
What will be your arbitrary bid? As each bid has an equal chance of success, the average of all bids is used. (One cent plus 160 dollars) / 2 = 80 dollars (rounded)
Your odds of winning are 1/16000 (1 bid out of 16000).
If you win, your profit is 1920 ($2000 minus $80.00).
1920/16000 is $0.12
Your cost to enter the auction is $1, and your average winning offer is $0.12.
The result is $0.18 (0.12-1=-0.88).
Thus the expected value of the outcome of the bid is $0.18
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Ok, so the first thing you would do is find the absolute value of the first set of numbers which would be 4n-1. Then you would start to simplify the whole equation using sadmep. You should add 1 and divide by 4.
