Mathematics, 04.06.2021 21:00 ccarman1432

The student council is hosting a carnival night themed fundraiser with multiple games set up. Their most popular game boasts the highest possible prize of $47, with a 1 in 78 chance of winning. There is a secondary tier prize of $9 with 7 chances to win. The student council has set the cost of this particular game at $5. What is the expected value of this game in the long run for you as a player? Is the student council's most popular carnival game set at a good price for a fundraiser based on the expected value that you calculated? Explain why or why not.

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The student council is hosting a carnival night themed fundraiser with multiple games set up. Their...