Anonymous

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

### 1 Answer

Relevance

- llafferLv 73 weeks agoFavourite answer
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.

Still have questions? Get answers by asking now.