Question

Suppose a basketball player has made 300300 out of 385385 free throws. If the player makes the next 33 free throws, I will pay you $25$ 25. Otherwise you pay me $24$ 24. Step 1 of 2: Find the expected value of the proposition. Round your answer to two decimal places. Losses must be expressed as negative values.

Answer 1

Answer: -0.8166

Step-by-step explanation:

Based on the information given in the question, the expected value of the proposition goes thus:

The probability of player made a free throw will be:

p = 300/385 = 60/77

The probability of the player makes the next 3 free throws will be:

= (60/77)³ = 0.4731

Therefore, we'll then calculate the probability that the player won't make the next 3 free throws. This will be:

= 1 - 0.4731

= 0.5269

The expected value of the proposition will be:

= 0.4731 × 25 +0.5269 × (-24)

= -0.8166

Therefore, ghe expected value of the proposition will be -0.8166