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The expected value of your profit or loss for a single scratch-off ticket is exactly

E(X)=0.95+0.75+0.50+0−3.20cap E open paren cap X close paren equals 0.95 plus 0.75 plus 0.50 plus 0 minus 3.20

E(X)=2.20−3.20=-1.00cap E open paren cap X close paren equals 2.20 minus 3.20 equals negative 1.00 ✅ Final Answer fifa-22-pc-game-free-download

To calculate the expected value of your profit or loss from this scratch-off ticket, we need to multiply the net value of each possible outcome by its probability and sum them all together.

E(X)=(95×0.01)+(15×0.05)+(5×0.10)+(0×0.20)+(-5×0.64)cap E open paren cap X close paren equals open paren 95 cross 0.01 close paren plus open paren 15 cross 0.05 close paren plus open paren 5 cross 0.10 close paren plus open paren 0 cross 0.20 close paren plus open paren negative 5 cross 0.64 close paren The expected value of your profit or loss

First, find the net profit or loss for every possible ticket outcome by subtracting the initial cost of the ticket from the prize amounts: Winning nothing: 2. Determine all outcome probabilities

Multiply each net payout by its corresponding probability and add the products together. The expected value formula is The expected value formula is Here is the

Here is the step-by-step procedure to calculate this result: 1. Identify all net payouts