Solve the Problem. -In a Game, You Have a 1/21 Probability of Winning

question 100

Multiple Choice

Solve the problem.
-In a game, you have a 1/21 probability of winning $107 and a 20/21 probability of losing $5. What Is your expected winning?

• A) $5.10
• B) $9.86
• C) $0.33
• D) -$4.76

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Definitions:

Disproportionately Large Weight

An undue or excessively large significance or importance given to a component or factor in a situation or calculation.

Catastrophic Medical Emergency

A sudden, unexpected medical situation requiring immediate and expensive care, potentially causing significant financial hardship.

Underestimate

To assess something or someone as less in quantity, value, or importance than is actually the case.

Over-precision

The tendency to be too confident in one's own judgments, estimates, or predictions, often leading to errors or miscalculations.