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PLEASE HELP ME!!!!
Find the expected value of the winnings
from a game that has the following
payout probability distribution:
6 8
10
Payout ($) 0 4
Probability 0.5 0.2 0.15 0.1 0.05
Expected Value = [?]
Round to the nearest hundredth.

PLEASE HELP ME Find the expected value of the winnings from a game that has the following payout probability distribution 6 8 10 Payout 0 4 Probability 05 02 01 class=

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Answer:

3.00

Step-by-step explanation:

Given that :

Payout(X) : ___ 0 ___ 4 ___ 6 ____ 8 _____ 10

Probability (p(x) 0.5 _ 0.2 __0.15 __0.1 ___ 0.05

Expected value :E(X) = ΣX* p(x)

E(X) = (0*0.5) + (4*0.2) + (6*0.15) + (8*0.1) + (10*0.05)

E(X) = 3

Expected value = 3.00

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