In a certain game, suppose there is no cost to playing the game, and a player has a probability 0.07 of winning a prize worth $1,787 , and a probability of 0.33 of winning another prize worth $70. What is the expected payment of playing the game? (please do not round your final answer, and enter it in the box provided below as is).
In a certain game, suppose there is no cost to playing the game, and a player has a probability 0.07 of winning a prize worth $1,787 , and a probability of 0.33 of winning another prize worth $70. What is the expected payment of playing the game? (please do not round your final answer, and enter it in the box provided below as is).
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Transcribed Image Text:In a certain game, suppose there is no cost to playing the game, and a player has a probability
0.07 of winning a prize worth $1,787 ,and a probability of 0.33 of winning another prize
What is the expected payment of playing the game? (please do not round your
worth $70
final answer, and enter it in the box provided below as is).
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