E(X)=0.95+0.75+0.50+0−3.20cap E open paren cap X close paren equals 0.95 plus 0.75 plus 0.50 plus 0 minus 3.20
First, find the net profit or loss for every possible ticket outcome by subtracting the initial cost of the ticket from the prize amounts: Winning nothing: 2. Determine all outcome probabilities fifa-22-pc-game-free-download
To calculate the expected value of your profit or loss from this scratch-off ticket, we need to multiply the net value of each possible outcome by its probability and sum them all together. E(X)=0
Multiply each net payout by its corresponding probability and add the products together. The expected value formula is fifa-22-pc-game-free-download