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A person must pay $7 to play a certain game at the casino. Each player has a probability of 0.15 of winning $11, for a net gain of $4 (the net gain is the amount won 11 minus the cost of playing 7). Each player has a probability of 0.85 of losing the game, for a net loss of $7 (the net loss is simply the cost of playing since nothing else is lost). What is the Expected Value for the player (that is, the mean of the probabiltiy distribution)? If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer with two decimal places. Expected Value = $

A person must pay $7 to play a certain game at the casino. Each player has a probability of 0.15 of winning $11, for a net gain of $4 (the net gain is the amount won 11 minus the cost of playing 7). Each player has a probability of 0.85 of losing the game, for a net loss of $7 (the net loss is simply the cost of playing since nothing else is lost). What is the Expected Value for the player (that is, the mean of the probabiltiy distribution)? If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer with two decimal places. Expected Value = $

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.8: Probabilities Of Disjoint And Overlapping Events
Problem 2C
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A person must pay $7 to play a certain game at the casino. Each player has a probability of 0.15 of winning $11, for a net gain of $4 (the net gain is the amount won 11 minus the cost of playing 7). Each player has a probability of 0.85 of losing the game, for a net loss of $7 (the net loss is simply the cost of playing since nothing else is lost). What is the Expected Value for the player (that is, the mean of the probabiltiy distribution)? If the Expected Value is negative, be sure to include the "-"sign with the answer. Express the answer with two decimal places. Expected Value = $
Transcribed Image Text:A person must pay $7 to play a certain game at the casino. Each player has a probability of 0.15 of winning $11, for a net gain of $4 (the net gain is the amount won 11 minus the cost of playing 7). Each player has a probability of 0.85 of losing the game, for a net loss of $7 (the net loss is simply the cost of playing since nothing else is lost). What is the Expected Value for the player (that is, the mean of the probabiltiy distribution)? If the Expected Value is negative, be sure to include the "-"sign with the answer. Express the answer with two decimal places. Expected Value = $
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