In a game of chance, the probability of winning a $50 is 40% and the probability of losing a $50 prize is 60%. what is the expected value of the prize in the game? $15 $25 $0 -$10
To calculate expected value, We can add up the probability of all possible events. The 2 possible events are either winning $50 or losing the prize, which is $ - 50 Expected value = 50 x 40 % + (-50) x 60% = $-10 So the answer is $-10
