Scam Question: When you bet $5 in a common gambling game, there is a probability of 203/419 that you will win $5 and a probability of 216/419 that you will lose $5. Find the expected value. Round to the nearest tenth of a cent.
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Scam Question: When you bet $5 in a common gambling game, there is a probability of 203/419 that you will win $5 and a probability of 216/419 that you will lose $5. Find the expected value. Round to the nearest tenth of a cent.
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simpsons 08.03.09 at 9:47 pm
$10 $0
203/419 216/419
Find the expected value of this game: 10*203/419 = $4.84
Reason being you pay $5 to play. You win $5 (totalling to $10) or you lose $5 (which means you don’t get back your money).
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