Find the Expected Value of the Random Variable

question 106

Multiple Choice

Find the expected value of the random variable. Round to the nearest cent unless stated otherwise.
-In a game, you have a 1/33 probability of winning $62 and a 32/33 probability of losing $2. What is your expected value?

• A)-$1.94
• B)$1.88
• C)$3.82
• D)-$0.06

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Definitions:

Obligations

Duties or commitments that individuals or organizations are legally bound to fulfill, such as contractual agreements or debt repayment.

Existing Partnership

An existing partnership refers to a business partnership that is currently in operation, implying a previously established legal agreement between two or more parties to conduct business together.

Dissolution

The process of officially ending the existence of a legal entity such as a corporation or partnership.

Authority of a Partner

The power granted to a partner in a partnership to act on behalf of the partnership and legally bind the business in contracts and agreements.