What is your expected value for this game?

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 50E: Flexible Work Hours In a recent survey, people were asked whether they would prefer to work flexible...
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You and a friend have created a carnival game for your classmates. You plan to charge $1 for each time a student plays, and the payout for a win is $5. According to your calculations, the probability of a win is .05.

What is your expected value for this game? 

 

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