Answer:
The expected value is $4.35
Step-by-step explanation:
For us to calculate the expected value , we need to multiply each of the given probability by the individual payout value and add
So we have it as;
0.35(1) + 2(0.2) + 5(0.1) + 8(0.2) + 10(0.15)
= 0.35 + 0.4 + 0.5 + 1.6 + 1.5
= $4.35
