Anonymous
Anonymous asked in Science & MathematicsMathematics · 3 weeks ago

Statistics Help! Thank you! I need all the steps! :)?

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  • 3 weeks ago
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    Multiply the probability of each "gain" by the gain amount and add the results.  The loss in the right column is represented by a negative number.

    98(2/1000) + 48(2/1000) + 23(2/1000) + 8(2/1000) + (-2)(992/1000)

    196/1000 + 96/1000 + 46/1000 + 16/1000 - 1984/1000

    Now we can add/subtract the numerators:

    (196 + 96 + 46 + 16 - 1984) / 1000

    -1630/1000

    -1.63

    The expected value is a $1.63 loss to the person buying the tickets.

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