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A person places a bet on a new type of Roulette wheel with the following probabilities and outcomes: 45% probability of RED: Person Wins $100 45% probability of BLACK: Person Loses $100 10% probability of GREEN: Person Loses $10 What is the expected dollar value for a person playing this game

Sagot :

Answer:

The expected dollar value for a person playing this game is -$1, that is, a loss of $1.

Step-by-step explanation:

Expected dollar value:

Probability of each outcome multiplied by it's monetary outcome.

Outcomes:

45% probability of winning $100.

45% probability of losing $100.

10% probability of losing $10.

What is the expected dollar value for a person playing this game?

[tex]E = 0.45*100 - 0.45*100 - 0.1*10 = -1[/tex]

The expected dollar value for a person playing this game is -$1, that is, a loss of $1.

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