Suppose You Open a New Game at the County Fair

question 60

Multiple Choice

Suppose you open a new game at the county fair.When patrons win,you pay them $3.00; when patrons lose,they pay you $1.00.If the probability of a patron winning is p = .20,then how much can you expect to win (or lose) in the long run? Hint: You need to compute the expected value of the mean.

• A) win 0.20 cents per play
• B) win 0.60 cents per play
• C) lose 0.80 cents per play
• D) lose 2.20 dollars per play

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