In a Game of Chance, the Probability of Winning a $50

question 2

Multiple Choice

In a game of chance, the probability of winning a $50 is 40 per cent and the probability of losing a $50 prize is 60 per cent. What is the expected value of a prize in the game?

• A) -$10
• B) $0
• C) $10
• D) $25

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Definitions:

Duty of Loyalty

A legal obligation of fiduciaries, such as company directors and trustees, to act in the best interest of the entity or person they represent.

Actual Financial Loss

A monetary loss that can be quantified or accurately measured, resulting from specific events like theft or litigation.

Negligent

Describes a failure to exercise the care that a reasonably prudent person would exercise in like circumstances, leading to unintended damage or harm.

Actually Named Third Parties

Specific individuals or entities explicitly mentioned in a legal document or contract, distinguishing them from those not directly named.