A few days ago
statistics help?
Suppose you want to play a carnival game that costs 5 dollars each time you play. If you win, you get $100. The probability of winning is 1/25. What is the expected value of the amount that you, the player, stand to gain?
Top 2 Answers
A few days ago
Favorite Answer
If you play the game 25 times, it will cost you $5 x 25 = $125. You can expect to win one of the 25 games, and so you will get $100 back. Thus you will lose $25 every 25 games that you play. The expected value of one game is -$25/25 = -$1 per game.
0
A few days ago
I believe that the player would gain nothing, because statistically you could spend $125 just to win once.
0
- Academic Writing
- Accounting
- Anthropology
- Article
- Blog
- Business
- Career
- Case Study
- Critical Thinking
- Culture
- Dissertation
- Education
- Education Questions
- Essay Tips
- Essay Writing
- Finance
- Free Essay Samples
- Free Essay Templates
- Free Essay Topics
- Health
- History
- Human Resources
- Law
- Literature
- Management
- Marketing
- Nursing
- other
- Politics
- Problem Solving
- Psychology
- Report
- Research Paper
- Review Writing
- Social Issues
- Speech Writing
- Term Paper
- Thesis Writing
- Writing Styles