Question

a casino game prize .2 chance of winning $10, .3 chance of winning $5, .4 chance of winning $1 and a .1 chance of losing and getting nothing. What is the break even value?

Answer #1

As we know break even value is no profit no loss

we have always zero in outcome of net income gained

As it is not mentioned about for playing casino game how many dollars we have to spend for every game played

As all other probability values are earning more than 0 dollars which are profitable

the probability of getting 0$ is 0.1

the break even probability is 0.1

I hope u will comment below if my answer is not right

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