Question
Give intermediate answers rounded to two decimal places, and the final expected value answer rounded to the nearest tenth. The wagers/earnings of a raffle and
Give intermediate answers rounded to two decimal places, and the final expected value answer rounded to the nearest tenth.
The wagers/earnings of a raffle and their probabilities are listed below.Calculate the intermediate products to find the expected value, E(x), of participating in the raffle.
X P(X)X *P(X)
50 0.01__________(accuracy to two decimal places)
3 0.10___________(accuracy to two decimal places)
-1 0.53 ___________(accuracy to two decimal places)
-2 0.24___________(accuracy to two decimal places)
-3 0.12___________(accuracy to two decimal places)
E(x) =_____________(accuracy to one decimal place)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started