A class is going on a field trip to see a movie. Each ticket is $10.00. The number of students, n, who will receive a $10.00 tic
2 answers:
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Answer:
a) - $0.169
b) - $0.04242
Step-by-step explanation:
Data provided in the question:
Bet amount = $4
Probability of losing $4 =
Probability of gaining $4 =
a) The expected value
= Winning amount × winning probability - Losing amount × Losing probability
= $4 × - $4 ×
= $4 ×
= - $0.169 (Negative sign means loss)
b) The amount lost for each dollar =
=
= - $0.04242