Question

Find the expected value of the winnings

Answer 1

Answer:

The expected value is $4.35

Step-by-step explanation:

For us to calculate the expected value , we need to multiply each of the given probability by the individual payout value and add

So we have it as;

0.35(1) + 2(0.2) + 5(0.1) + 8(0.2) + 10(0.15)

= 0.35 + 0.4 + 0.5 + 1.6 + 1.5

= $4.35