(Answered) Suppose you want to play a carnival game that costs 6

Management Studies

Suppose you want to play a carnival game that costs 6 dollars each time you play. If you win, you get $100. The probability of winning is 1⁄50. What is the expected value of the amount that you, the player, stand to gain?

a) -2.00

b) -4.20

c) -3.70

d) -4.00

e) 4.00

f) None of the above

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