The probability that Mary will win a game is 0.05, so the probability that she will not win is 0.95. If Mary wins, she will be given $140; if she loses, she must pay $9. If X = amount of money Mary wins(or loses), what is the expected value of X? (Round your answer to the nearest cent.)$

The objective of this question is to calculate the expected value of the amount of money Mary wins…

Answered: The probability that Mary will win a…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $10 each and will sell 500 tickets. There is one $2,000 grand prize, three $400 second prizes, and fifteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.

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The probability that Mary will win a game is 0.05, so the probability that she will not win is 0.95. If Mary wins, she will be given $140; if she loses, she must pay $9. If X = amount of money Mary wins (or loses), what is the expected value of X? (Round your answer to the nearest cent.) $