You usually buy a 5.4 ounce bottle of lotion. There is a new bottle that says it gives you 20% more free. Write an equation to b
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Answer:
The gambler's expected value if he makes the bet is $45.
Step-by-step explanation:
Expected value:
15% probability of a profit of $2000.
100 - 15 = 85% probability of having to pay $300, that is, a loss of $300.
The expected value is each outcome multiplied by it's probability, so:
The gambler's expected value if he makes the bet is $45.