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A probability distribution for various prize values is given by the following table. Prizes Probabilities $0 0.83 $100 0.13 $500 0.03 $10,000 0.01 Find the
A probability distribution for various prize values is given by the following table.
Prizes | Probabilities |
---|---|
$0 | 0.83 |
$100 | 0.13 |
$500 | 0.03 |
$10,000 | 0.01 |
Find the expected value of a prize. Round your answer to two decimal places.
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