Mathematics, 16.07.2020 20:01 xfuartado
A gambler is deciding whether or not to take a bet. She must pay $40 to take the bet, but if she wins, she will profit $225. The probability that she wins the bet is 1/4 .
a) What is the player's expected value in this situation?
b) If the gambler made this exact bet many times, should she expect to win money or lose money over the long run?
Answers: 1
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A gambler is deciding whether or not to take a bet. She must pay $40 to take the bet, but if she win...
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