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:

Brain Activity

The functions and neurological processes occurring within the brain, including thoughts, emotions, and coordination of bodily movements.

Scientific Methods

Systematic procedures for collecting and analyzing data, forming hypotheses, and testing predictions, fundamental to the acquisition of new knowledge.

Natural Selection

The process by which organisms better adapted to their environment tend to survive and produce more offspring, a central mechanism of evolution.

Introspection

The process of examining one's own thoughts, emotions, and motivations to gain self-awareness or understand personal mental states.