1. You take a 100 question multiple choice exam. There are 5 choices per question. You can eliminate 1 choice. You guess. If you are correct, you earn 2 points; if you are incorrect you lose 1 point.What is your expected value?Enter your answer as a decimal.
2. You invest in a stock. You have a 40% chance of losing $1200, 10% chance of losing $600, 20% chance of making $600, 5% chance of making $1200 and 25% chance of making $2400. Calculate your expected earnings or losses. Include the dollar symbol when entering the answer.(EX:$100)