Question

Provide an appropriate response. in a game, you have a 1/36 probability of winning $94 and a 35/36 probability of losing $8. what is your expected value

Answer 1

-5.17

Explanation:

Answer 2

We can find this by adding together the probabilities times the values of each probability, so it's:
EV=P1*V1+P2*V2
where
EV-------> is the expected value
P1-------> (1/36)
V1-------> $94
P2------> (35/36)
V2------> -$8

so
EV=(1/36)*94+(35/36)*(-8)-----> (94/36)+(-280/36)-----> -186/36---> -5.17

EV=-$5.17

the answer is
the expected value is EV=-$5.17