Calculate the expected value of x

Reference no: EM131416129

Suppose that in a gambling game, the probability of winning $4 is .3 and the probability of losing $2 is .7.

a. Write a table that gives the probability distribution for X = amount won in a single play. Losing $2 can be expressed as "winning" -$2.

b. Calculate the expected value of X = amount won on a single play.

c. Write a sentence that interprets the expected value of X in this situation.

Reference no: EM131416129

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