January 11th, 2009, 11:06 PM
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 | Flow Master | | Join Date: Dec 2007 Location: Zeitgeist
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Quote:
Originally Posted by Bradley55  (10/22)*(-19)+(5/22)*(-18)+(4/22)*(-15)+(1/22)*(-10)+(1/22)*(0)+(1/22)*(80) = $-12.27
so -12.27 is the expected value?
if so how do i do problem A? | Expected value of what??
The expected value of money pulled from the bag is $7.73.
The expected value of money you win is 7.27 - 20 = - $12.27.
I have already said how to get the probability distribution. What part of what I said don't you understand?
__________________ There are two things you should never try to prove: the impossible and the obvious. The greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark. (Michelangelo Buonarroti)
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