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A person must pay $5 to play a certain game at the casino. Each player has a probability of 0.12 of winning $16, for a net gain of $11 (the net gain is the amount won 16 minus the cost of playing 5). Each player has a probability of 0.88 of losing the game, for a net loss of $5 (the net loss is simply the cost of playing since nothing else is lost). What is the Expected Value for the player (that is, the mean of the probabiltiy distribution)? If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer with two decimal places. Expected Value = $

A person must pay $5 to play a certain game at the casino. Each player has a probability of 0.12 of winning $16, for a net gain of $11 (the net gain is the amount won 16 minus the cost of playing 5). Each player has a probability of 0.88 of losing the game, for a net loss of $5 (the net loss is simply the cost of playing since nothing else is lost). What is the Expected Value for the player (that is, the mean of the probabiltiy distribution)? If the Expected Value is negative, be sure to include the "-" sign with the answer. Express the answer with two decimal places. Expected Value = $

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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A person must pay $5 to play a certain game at the casino. Each player has a probability of 0.12 of winning $16, for a net gain of $11 (the net gain is the amount won 16 minus the cost of playing 5). Each player has a probability of 0.88 of losing the game, for a net loss of $5 (the net loss is simply the cost of playing since nothing else is lost). What is the Expected Value for the player (that is, the mean of the probabiltiy distribution)? If the Expected Value is negative, be sure to include the sign with the answer. Express the answer with two decimal places. Expected Value = $
Transcribed Image Text:A person must pay $5 to play a certain game at the casino. Each player has a probability of 0.12 of winning $16, for a net gain of $11 (the net gain is the amount won 16 minus the cost of playing 5). Each player has a probability of 0.88 of losing the game, for a net loss of $5 (the net loss is simply the cost of playing since nothing else is lost). What is the Expected Value for the player (that is, the mean of the probabiltiy distribution)? If the Expected Value is negative, be sure to include the sign with the answer. Express the answer with two decimal places. Expected Value = $
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