Solution-Calculate the expected value and explain

Calculate the expected value and explain

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Reference no: EM131941867

You are at a county fair and you play a game in which there are pink ducks, blue ducks and yellow ducks. If you catch a pink duck, you win $5.00, if you catch a blue duck, you win $1.00, and if you catch a yellow duck, you win nothing. The probability of catching a pink duck is 5% and the probability of catching a blue duck is 10%. Fill in the chart for the probability distribution, calculate the expected value and explain what it means

Reference no: EM131941867

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Calculate the expected value and explain

Reference no: EM131941867

Reference no: EM131941867

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