Question

Find the expected value. In a game, you have a 1/34 probability of winning $121 and a 33/34 probability of losing $5. What is your expected winning? Question 1 Select one: A. $3.56 B. -$4.85 C. -$1.29 D. $8.41

Answer 1

Explanation:

In this game, you have a 1/34 probability of winning $121 and a 33/34 probability of losing $5.

To find the expected winning, we can calculate:

Expected winning = (Probability of winning * Amount won) + (Probability of losing * Amount lost)

Expected winning = (1/34 * $121) + (33/34 * -$5)

Expected winning = ($121/34) - ($165/34)

Expected winning = -$44/34

Simplifying further, we have:

Expected winning = -$2.59

So, the expected winning in this game is -$2.59.

Therefore, the correct answer is C. -$1.29.