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In a game, you have a 1/20 probability of winning $75, a 7/20 probability of winning...

In a game, you have a 1/20 probability of winning $75, a 7/20 probability of winning $0, and a 3/5 probability of loosing $9. There is no fee to play the gam. What is your expected value?

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Answer #1

P(X = 75) = 1/20

P(X = 0) = 7/20

P(X = -9) = 3/5

Expected value = 75 * 1/20 + 0 * 7/20 + (-9) * 3/5 = -$1.65

                                                                                       

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