Find the expected value of the winnings from a game that has the following payout probability distribution. Round to the nearest

Question

vlabodo [156]

3 years ago

6

Find the expected value of the winnings from a game that has the following payout probability distribution. Round to the nearest

hundreath.

Mathematics

2 answers:

olasank [31] · Answer 1 · 2022-07-04T18:24:15+03:00

olasank [31]3 years ago

7 0

Answer:

5.8

Step-by-step explanation:

Luda [366] · Answer 2 · 2022-07-04T17:09:47+03:00

Expected value is $20.20
Step-by-step explanation:
Here, we want to calculate the expected value
What we have to do here is to multiply the probability by the payout value; after which we add all values
Thus, we have the payout value as;
1(0.12) + 4(0.2) +6(0.38) + 8(0.2) + 10(0.1)
= 0.12 + 0.8 + 2.28 + 1.6 + 1