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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 (MindTap Course List)
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.7: Probability
Problem 60E: Explain the Multiplication Property of Probabilities.
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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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