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13 January, 19:15

Suppose a basketball player has made 392 out of 441 free throws. If the player makes the next 3 free throws, I will pay you $6. Otherwise you pay me $15. Step 1 of 2 : Find the expected value of the proposition. Round your answer to two decimal places. Losses must be expressed as negative values.

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  1. 13 January, 19:52
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    -$0.237

    Explanation:

    The player making a single shoot is 392/441 = 0.889

    That makes a percentage of 88.9%.

    The probability of making the next 3 shots as 0.889 * 0.889 * 0.889 = 0.703.

    The probability of him not making all of the next 3 shot is 1 - 0.703

    So now to find the expected value,

    P (makes all the three shots) * (Value when you win) + P (misses the three shots) * (value when you lose)

    0.703 * $6 + (1 - 0.703) * (-$15)

    $4.218 - $4.455

    = - $0.237
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