You choose to park your car in a metered parking spot where the cost of parking...

 

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You choose to park your car in a metered parking spot where the cost of parking for 1 hour is $1.50. The cost of a parking ticket is $15. Historically, the local police only catch one out of every 12 parking violators in a given hour. You are trying to determine if it's worth paying the meter or if you'd be better off to not pay the meter and just take your chances of getting a parking ticket. Complete the probability table below, under the assumption that you do NOT pay the parking meter. (In her words, the two rows of the table represent the two outcomes--you park for free or you have to pay a parki ticket) Payment Probability Calculate the expected value of your payment in this situation. You choose to park your car in a metered parking spot where the cost of parking for 1 hour is $1.50. The cost of a parking ticket is $15. Historically, the local police only catch one out of every 12 parking violators in a given hour. You are trying to determine if it's worth paying the meter or if you'd be better off to not pay the meter and just take your chances of getting a parking ticket. Complete the probability table below, under the assumption that you do NOT pay the parking meter. (In her words, the two rows of the table represent the two outcomes--you park for free or you have to pay a parki ticket) Payment Probability Calculate the expected value of your payment in this situation.

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