At a school, 40% of the sixth-grade students said that hip-hop is their favorite kind of music. If 100 sixth-grade students pref
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Answer:
The expected payout of the game is $230.46.
Step-by-step explanation:
The given table is
Payout Amount : $160 $4400 $145000
Probability : 0.146 0.024 0.0007
We need to find the expected payout of the game.
The formula for expected payout is
where, n is amount and P(x) is probability of that event. The value of n is negative for loss.
Using the above formula we get
Therefore the expected payout of the game is $230.46.