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20 July, 17:38

89.1.19-G

Find the expected payback for a game in which you bet $8 on any number from 0 to 99. If your number comes up you get $400

The expected payback is

(Round to the nearest cent as needed.)

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$48.00

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Answers (1)
  1. 20 July, 19:38
    0
    -$4

    Step-by-step explanation:

    The expected payback formula is the sum of probability multiply the value

    E (x) = p (x1) * x1 + p (x2) * x2 + ...

    In this case, we have two possibility of payback

    1) winning

    The payback is $400 - $8 = $392

    x1 = 392

    The probability of winning is one out of 100 (since the choices are 0 to 99)

    p (x1) = 1/100

    2. Losing

    The payback is - $8 since the person didn't win anything is loose

    x2 = - 8

    Since there is only one winning number, the other 99 numbers are loosing numbers

    p (x2) = 99/100

    Therefore expected payback is

    E (x) = p (x1) * x1 + p (x2) * x2

    = (1/100) * 392 + (99/100) * (-8)

    = - 400/100

    = - $4
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