Wally spends $10 to buy a ticket for his departments annual christmas raffle. The ticket gives him a 1% chance of winning the first prize of $800 and a 10% chance of winning the second prize of 40%. The expected vaule of wally's decision is:
A. there is not enough information to know
B. negative: that is, he should lose money off of his $10 investment
C. zero: that is, he should neither lose nor gain money off his $10 invesment
D. positive : that is, he should gain money off of his $10 investment

Question

07-06-2024
Business

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Wally spends $10 to buy a ticket for his departments annual christmas raffle. The ticket gives him a 1% chance of winning the first prize of $800 and a 10% chance of winning the second prize of 40%. The expected vaule of wally's decision is:
A. there is not enough information to know
B. negative: that is, he should lose money off of his $10 investment
C. zero: that is, he should neither lose nor gain money off his $10 invesment
D. positive : that is, he should gain money off of his $10 investment

Sagot :

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