Question

Asked Oct 7, 2019

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Step 1

The gain for each four prizes are given below:

For $500, the gain is $500–$2=$498.

For $250, the gain is $250–$2=$248.

For $150, the gain is $150–$2=$148.

For $75, the gain is $75–$2=$73.

If you loss the game, then the gain is $0–$2=–$2

The probability distribution for the possible gains are tabulated below:

Step 2

The expected gain and the squar...

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