Question

write the equation for the expected value.
e(v)=\frac{1}{11}(a)+\frac{8}{11}(c)
what is the expected value? should you play the game?
for what expected value is a game fair?

Explanation:

Step1: Substitute values into formula

Substitute \(a = 5\), \(b = 48\), \(c=-1\) into \(E(V)=\frac{1}{10}(a)+\frac{1}{20}(c)\).

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Step2: Calculate each term

Calculate \(\frac{1}{10}\times5 = 0.5\) and \(\frac{1}{20}\times(-1)=-0.05\).

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Step3: Find the final value

\(E(V)=0.45\). A game is fair when the expected value \(E(V) = 0\).

Answer:

The expected value \(E(V)=0.45\). A game is fair when the expected value is \(0\).