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Find the expected value of the winnings from a game that has the following payout probability distribution. Round to the nearest hundreath.

Find The Expected Value Of The Winnings From A Game That Has The Following Payout Probability Distribution Round To The Nearest Hundreath class=

Sagot :

Expected value is $20.20
Step-by-step explanation:
Here, we want to calculate the expected value
What we have to do here is to multiply the probability by the payout value; after which we add all values
Thus, we have the payout value as;
1(0.12) + 4(0.2) +6(0.38) + 8(0.2) + 10(0.1)
= 0.12 + 0.8 + 2.28 + 1.6 + 1

The expected value of the winnings from a game will be [tex]2.96[/tex] .

What is Probability ?

Probability is the ratio of the number of possible outcomes to the total number of outcomes.

we have,

Payout    [tex](\$) = 0,\ \ \ 1,\ \ \ 2,\ \ \ 5,\ \ \ 10[/tex]

Probability [tex]=0.12,0.2,0.38,0.2,0.1[/tex]

So,

To find the expected value,

Now,

Multiply payout values with its probability and sum these values,

i.e.

Expected value [tex]= (0*0.12)+(1*0.2)+(2*0.38)+(5*0.2)+(10*0.1)[/tex]

                          [tex]=0+0.2+0.76+1+1[/tex]

Expected value [tex]=2.96[/tex]

Hence, we can say that the expected value of the winnings from a game will be [tex]2.96[/tex] .

To know more about Probability click here

https://brainly.com/question/27579447

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