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A probability distribution for various prize values is given by the following table. Prizes $ $0.00 $100.00 $500.00 $10,000.00 Probabilities 0.76 0.14 0.07 0.03 Find the expected value of a prize. Round your answer to two decimal places.

A probability distribution for various prize values is given by the following table. Prizes $ $0.00 $100.00 $500.00 $10,000.00 Probabilities 0.76 0.14 0.07 0.03 Find the expected value of a prize. Round your answer to two decimal places.

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 4ECP: Show that the probability of drawing a club at random from a standard deck of 52 playing cards is...
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A probability distribution for various prize values is given by the following table: | Prizes | Probabilities | |-------------|---------------| | $0.00 | 0.76 | | $100.00 | 0.14 | | $500.00 | 0.07 | | $10,000.00 | 0.03 | Find the *expected value* of a prize. Round your answer to two decimal places. \$__________
Transcribed Image Text:A probability distribution for various prize values is given by the following table: | Prizes | Probabilities | |-------------|---------------| | $0.00 | 0.76 | | $100.00 | 0.14 | | $500.00 | 0.07 | | $10,000.00 | 0.03 | Find the *expected value* of a prize. Round your answer to two decimal places. \$__________
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