Question 5 Your friend offers to place a bet with you. He will pay you $2 if your favorite sports team wins the game on Tuesday night. But you will pay him $3 if his team wins. Your team has a 60% chance of winning, whereas his only has a 40% chance. Compute your expected winnings for a single bet. O E(W) - +20 cents O E(W) = +60 cents O E(W) = -60 cents O E(W) =0 cents
Question 5 Your friend offers to place a bet with you. He will pay you $2 if your favorite sports team wins the game on Tuesday night. But you will pay him $3 if his team wins. Your team has a 60% chance of winning, whereas his only has a 40% chance. Compute your expected winnings for a single bet. O E(W) - +20 cents O E(W) = +60 cents O E(W) = -60 cents O E(W) =0 cents
Chapter8: Sequences, Series,and Probability
Section: Chapter Questions
Problem 41CT: On a game show, a contestant is given the digits 3, 4, and 5 to arrange in the proper order to form...
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Transcribed Image Text:Question 5
Your friend offers to place a bet with you. He will pay you $2 if your favorite sports team wins the
game on Tuesday night. But you will pay him $3 if his team wins. Your team has a 60% chance
of winning, whereas his only has a 40% chance. Compute your expected winnings for a single
bet.
O E(W) = +20 cents
O E(W) = +60 cents
O E(W) = -60 cents
O E(W) = 0 cents
O E(W) = -20 cents
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