In a game of chance, a contestant must choose a number from one of three categories. Correct number choices in Category A are worth $1500, but there is a penalty of $1000 for each incorrect choice. Correct number choices in Category B are worth $1000, with a $500 penalty for each incorrect choice. Correct number choices in Category C are worth $500, with no penalty for an incorrect choice. The probability of choosing correctly is 0.05 for Category A, 0.15 for Category B, and 0.25 for Category C. Which category has the highest expected value? Enter answer as follows: Game A = , Game B = , Game C = , Game that has the highest expected value. Don't put dollar signs in front of the amounts. *

In a game of chance, a contestant must choose a number from one of three categories. Correct number choices in Category A are worth $1500, but there is a penalty of $1000 for each incorrect choice. Correct number choices in Category B are worth $1000, with a $500 penalty for each incorrect choice. Correct number choices in Category C are worth $500, with no penalty for an incorrect choice. The probability of choosing correctly is 0.05 for Category A, 0.15 for Category B, and 0.25 for Category C. Which category has the highest expected value? Enter answer as follows: Game A = , Game B = , Game C = , Game that has the highest expected value. Don't put dollar signs in front of the amounts. *

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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