Question

Pepsi and Mountain Dew products sponsored a contest giving away a Lamborghini sports car worth $215,000. The probability of winning from a single bottle purchase was .00000884. Find the expected value. (Round your answer to 4 decimal places.) Expected value $

Answer 1

Answer:

$1.9006

Step-by-step explanation:

The expected value out of an event with value v and the probability p of that event to happen is the product of the value v and the probability p itself.

Therefore, the expected value of winning $215000 with probability of 0.00000884 bottle purchase is

E = pv = 215000 * 0.00000884 = $1.9006