(i) Find his expected gain. (ii) How much should he pay to play the game if it is to be fair?
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- If a game gives payoffs of $10 and $100 with probabilities 0.9 and 0.1, respectively, then the expected value of this game is E=0.9+0.1= .A Game of Chance A box contains 100 envelopes. Ten envelopes contain $10 each, ten contain $5 each, two are “unlucky", and the rest are empty. A player draws an envelope from the box and keeps whatever is in it. If a person draw an unlucky envelope, however, he must pay $100. What is the expectation of a person playing this game?