for the computer to grade this one correctly make sure that your x values are from smallest to largest.\nb)…

for the computer to grade this one correctly make sure that your x values are from smallest to largest.\nb) what are your expected winnings?\nround final answer to 2 decimal places. put correct units in the second box.\nc) which of the following is the correct interpretation of the expected winnings?\nselect an answer

for the computer to grade this one correctly make sure that your x values are from smallest to largest.\nb) what are your expected winnings?\nround final answer to 2 decimal places. put correct units in the second box.\nc) which of the following is the correct interpretation of the expected winnings?\nselect an answer

Answer

Explanation:

Step1: Recall expected - value formula

The formula for the expected value of a discrete random variable $X$ is $E(X)=\sum_{i}x_ip_i$, where $x_i$ are the possible values of $X$ and $p_i$ are their corresponding probabilities.

Step2: Identify $x_i$ and $p_i$ values

We have $x_1 = 2100$, $p_1=0.0001$, $x_2=- 1$, $p_2 = 0.9999$.

Step3: Calculate the expected value

$E(X)=x_1p_1 + x_2p_2=(2100\times0.0001)+(-1\times0.9999)$. First, calculate $2100\times0.0001 = 0.21$. Then, calculate $-1\times0.9999=-0.9999$. Now, $E(X)=0.21-0.9999=- 0.7899\approx - 0.79$.

Answer:

-0.79