The expected value of the winnings from the game is $4
<h3>How to determine the expected value?</h3>The payout probability distribution is given as:
Payout ($) 2 4 6 8 10
Probability 0.5 0.2 0.15 0.1 0.05
The expected value is then calculated as:
This gives
E(x) = 2 * 0.5 + 4 * 0.2 + 6 * 0.15 + 8 * 0.1 + 10 * 0.05
Evaluate the expression
E(x) = 4
Hence, the expected value of the winnings from the game is $4
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Answer:
The family will pay 34722 cents more if they take the van
Step-by-step explanation:
Given
Van = 12 miles per gallon
Sedan = 36 miles per gallon
Distance = 2500 miles
Gas = $2.50 per gallon
First, we need to determine the number of gallons that'll be used by both vehicles
This is done by dividing total distance by number of miles per gallon
Next, is to multiply this by the cost of gas per gallon;
This gives the total spendable amount on both vehicles
Next is to get the difference between these amounts
Multiply by 100 to convert to cents
(Approximated)
Hence;
<em>The family will pay 34722 cents more if they take the van</em>