Answer:
3.00
Step-by-step explanation:
Given that :
Payout(X) : ___ 0 ___ 4 ___ 6 ____ 8 _____ 10
Probability (p(x) 0.5 _ 0.2 __0.15 __0.1 ___ 0.05
Expected value :E(X) = ΣX* p(x)
E(X) = (0*0.5) + (4*0.2) + (6*0.15) + (8*0.1) + (10*0.05)
E(X) = 3
Expected value = 3.00
If
72 cents ---> 6 ounces
Xcents -----> 8 ounces
then
X = [(72)*(8)] / 6
X = 96 cents
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