Answered: What is your expected value?

Math

Statistics

What is your expected value?

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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Question

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Suppose you buy 1 lottery ticket for $4. There are 1,000 tickets, where the prize for the one winning ticket is to be $872. What is your expected value? The table below summarizes the distribution. Round your answer to the nearest hundredth.

Amount Won or Lost, x	Probability, P(x)
$872	0.001
-$4	0.999

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