Statistics: Informed Decisions Using Data (4th Edition)

Published by Pearson
ISBN 10: 0321757270
ISBN 13: 978-0-32175-727-2

Chapter 6 - Section 6.1 - Assess Your Understanding - Applying the Concepts - Page 332: 31

Answer

$E(X)=-0.263$ If I play the game 1000 times, it is expected that I will lose $263.

Work Step by Step

$E(X)=μ_X=Σ[x.P(x)]=175\times\frac{1}{38}+(-5)\times\frac{37}{38}=-0.263$ If I play the game 1000 times: $1000\times E(X)=1000\times(-0.263)=-263$
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