You have been selected to participate in a free-throw challenge for the halftime entertainment during a basketball game. You will have the opportunity to shoot 2 baskets, from the free-throw line. If you make one basket, you will win $50. If you make two baskets, you will win $500. Otherwise, you get nothing. You estimate the probability you will make one basket to be 0.42, and the probability you will make two baskets to be 0.004.
What is your expected winnings when you participate in the free-throw challenge for one game?
b) Which statement below best explains what this expected winnings represents?
The expected winnings is the median amount won if this game were played many times.
The expected winnings is the average amount won per play if this game were played many times.
The expected winnings is the total amount won if this game were played many times