A game has an expected value to you of $100. It costs $100 to play, but if
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A game has an expected value to you of $100. It costs $100 to play, but if you win, you receive $100,000 (including your $100 bet) for a net gain of $99,900. What is the probability of winning? Would you play this game? Discuss the factors that would influence your decision.
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To find the probability of winning we can use the expected value formula Expected Value Probability of Winning Net Gain when Winning Probability of Lo...View the full answer
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Related Book For
College Mathematics For Business Economics Life Sciences And Social Sciences
ISBN: 9780321945518
13th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen
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