Suppose Chris Is Offered the Following Gamble:  with Probability 0

question 21

Multiple Choice

Suppose Chris is offered the following gamble:  with probability 0.1 he will win $90, with probability 0.4 he will win $50, and with probability 0.5 he will lose $60. The expected value of this gamble is found by solving:

• A)0.1 × ($90 - $60)+ 0.4 × ($50 - $60)
• B)0.1 × $90 + 0.4 × $50
• C)0.1 × $90 + 0.4 × $50 - 0.5 × $60
• D)($90 + $50 - $60)/3

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