Question

PH Find the expected value of the winnings from a game that has the following payout probability distribution: 1 2 Payout ($) 0 5 10 0.1 Probability 0.12 0.2 0.38 0.2 Expected Value = [?] Round to the nearest hundredth.​

Answer 1

2.96

Explanation:

Just multiply the payout by its probability

0*.12+1*.2+2*.38+5*.2+10*.1=2.96