Solve the Problem. -In a Game, You Have a 1/42 Probability of Winning

question 120

Multiple Choice

Solve the problem.
-In a game, you have a 1/42 probability of winning $67 and a 41/42 probability of losing $7. What is your expected value?

• A)$1.60
• B)$8.43
• C)-$5.24
• D)-$6.83

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Definitions:

Standard Deviation

A statistic that measures the dispersion of a dataset relative to its mean, indicating how spread out the data points are.

Unbiased Estimates

Refers to statistical estimates that are expected to be equal to the true values of the parameter being estimated, showing no systematic error.

Population Estimates

Calculations that infer the number of individuals in a population at a certain time.

Variability

How much the data points in a statistical distribution or dataset deviate from the mean or average.