Question

A game of chance is played with a deck of 100 cards, numbered from 1 to 100. If 1 to 50 is drawn, the player wins $0. If 51 to 80 is
drawn, the player wins $7. If 81 to 100 is drawn, the player wins $9. If each play of the game cost $5, what is the expected payoff?
A)
-$3.90
B)
-$1.10
C)
$1.10
D)
$3.90

Answer 1

Answer: -$1.10

Step-by-step explanation:

Expected value=(0)50/100+(7)30/100+(9)20/100= 3.90-5= -1.10