Answer:
The expected value of your winnings is $0.8
Explanation:
Expected value is calculated by multiplying the probability with the value of each outcome and adding them all.
The value of the first outcome is 2 and the probability is 25% so the expected
The value of the second outcome is 1 and the probability is 30%.
The value of the third outcome is 0 and the probability is (100-(25+30)=100-55=45%
Expected value of winnings = (2*0.25)+(1*0.3)+(0*0.45)
=0.5+0.3+0
=0.8
The expected value of your winnings is $0.8
