Answered

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how to solve this problem? Result from step 1: Expected value is -$3.23.

How To Solve This Problem Result From Step 1 Expected Value Is 323 class=

Sagot :

The expected value was already calculated as:

[tex]E=-3.23[/tex]

The expected value is the mean value you would get per try.

Since we played 623, the expected value is 623 times the expected valu for a single play, so:

[tex]E_{623}=623\cdot E=623\cdot(-3.23)=-2012.29[/tex]

So, the expected value after playing 623 times is to -$2012.29, that is, lose $2012.29.

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