Answered

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Sagot :

Answer:

$2.96

Step-by-step explanation:

Here, we want to get the expected value

To get the expected value, we have to multiply each payout by its corresponding probability and add up for all

So what this mean is that the expected value is the summation of the products of each pay out and their probability

We have the expected value calculated as;

0(0.12) + 1(0.2) + 2(0.38) + 5(0.2) + 10(0.1)

= 0 + 0.2 + 0.76 + 1 + 1 = $2.96

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