In a game of chance, players pay $5 for a chance to win one of two prizes: a $100 gift card or a $20 gift card. The probability of winning the $100 gift card is 0.004 and the probability of winning the $20 gift card is 0.06. Find the expected value (win or loss) per game. Note: The values below are in dollars ($). A. −3.08 B. 1.60 C. 35.00 D. −3.40 E. 1.28
In a game of chance, players pay $5 for a chance to win one of two prizes: a $100 gift card or a $20 gift card. The probability of winning the $100 gift card is 0.004 and the probability of winning the $20 gift card is 0.06. Find the expected value (win or loss) per game. Note: The values below are in dollars ($). A. −3.08 B. 1.60 C. 35.00 D. −3.40 E. 1.28
Chapter8: Sequences, Series,and Probability
Section: Chapter Questions
Problem 41CT: On a game show, a contestant is given the digits 3, 4, and 5 to arrange in the proper order to form...
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In a game of chance, players pay $5 for a chance to win one of two prizes: a $100 gift card or a $20 gift card. The probability of winning the $100 gift card is 0.004 and the probability of winning the $20 gift card is 0.06.
Find the expected value (win or loss) per game.
Note: The values below are in dollars ($).
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