2. What is the expected value of x? E(x) 3. What is the standard deviation? o = (Round to then nearest hundredth).

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How do I find the expected value and standard deviation

Your friend Phil, asks you what you think about a new scratch-off lottery game. It costs $10 to play this
game, There are two outcomes for the game (win, lose) and the probability that a player wins a game is
60%. A win results in $15, for a net win of $5 ($15 minus the $10 paid to play). The probability
distribution for x (the amount of money a player wins or loses) in a single game is as follows:
I - Net Money Won or Lost P(r) → Probability
Win
+ +$ 15
0.60
Lose
$410
0.40
Using the information in the table, complete the following
1. Interpret the table. There is a
60% chance of winning $5 and a
40% chance of
losing $10
2. What is the expected value of x? E(x) =
3. What is the standard deviation? o =
(Round to then nearest hundredth)
Transcribed Image Text:Your friend Phil, asks you what you think about a new scratch-off lottery game. It costs $10 to play this game, There are two outcomes for the game (win, lose) and the probability that a player wins a game is 60%. A win results in $15, for a net win of $5 ($15 minus the $10 paid to play). The probability distribution for x (the amount of money a player wins or loses) in a single game is as follows: I - Net Money Won or Lost P(r) → Probability Win + +$ 15 0.60 Lose $410 0.40 Using the information in the table, complete the following 1. Interpret the table. There is a 60% chance of winning $5 and a 40% chance of losing $10 2. What is the expected value of x? E(x) = 3. What is the standard deviation? o = (Round to then nearest hundredth)
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