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September 16, 2014

September 16, 2014

Posted by **??????** on Sunday, November 25, 2012 at 1:33pm.

amount 5p 10p 20p 50p

prbability 0.5 0.25 0.15 0.1

can you show how you worked it out? thanks

- maths -
**Reiny**, Sunday, November 25, 2012 at 1:57pmexpected value

= .5(5) + .25(10) + .15(20) + .1(50)

= .25 + 2.5 + 3 + 5

= 10.75 p

but I assume p stands for pence and thus we would have to charge 11 p to profit from the game

(at 10 p we would be losing)

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