Answer:
The expected value is $4.35
Step-by-step explanation:
Here, we want to find the expected value
To
do that, we simply will multiply each of the payouts by the individual probabilities, then add the results
Mathematically, we have this as;
0.35(1) + 0.2(2) + 0.1(5) + 8(0.2) + 10(0.15)
= 0.35 + 0.4 + 0.15 + 1.6 + 1.5 = $4.35
