Question
You are considering participating in the student math league which offers cash prizes for certain score on the test. After researching results in the past
You are considering participating in the student math league which offers cash prizes for certain score on the test. After researching results in the past you estimate that there is a 1/120 chance you will win $100,a 1/60 chance you will win $50,a 1/22 chance you will win $25, and a 1/9 chance you will win $10.
What is the expected value of prize money if you compete in the Student Math League contest? (Fortunately there is a lot of good experience with math practice, friendly competition, and networking involved.And it's free to compete.)
What is the expected winnings as dollars rounded to the nearest cent.
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