Help with this expected value problem?

"Explain how to find the expected value of playing this game. What is the expected value of playing this game?"

"Interpret the meaning of the expected value in the context of this game. Why should someone play or not play this game. Answer in complete sentences."



Respuesta :

A very similar (if not identical) question was asked here: https://brainly.com/question/12939730 (and up to 4 separate times)

For a game involving winnings, the expected value of one's winnings is simply the sum of the products of each possible amount X one can win multiplied by the probability of winning that amount X.

As I showed in the linked question, you need to have a probability mass function on-hand in order to find the EV. In that question, I go on to derive the probabilities for each possible outcome. Whether your question is the same or you're considering a game with different rules, hopefully you find that solution helpful.