For every trial you pay rs 10. If you hit the target you get rs 20. The probability of hitting the target is 0.4. What is the expected value?
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think this problem requires the use of theBinomial Distribution.
Please refer to this site to find out more about the Binomial distribution:
Binomial Distribution
According to the formula, we have:
Number of trials = 10 (since the man shoots at the target 10 times)
Number of successes = 8 (success is defined as hitting the target, and we want to hit it 8 times)
Probability of success = 1/3
Probability of failure = 1 - 1/3 = 2/3
Now, plugging in all these values into the formula, you should get approximately 0.003048
Please refer to this site to find out more about the Binomial distribution:
Binomial Distribution
According to the formula, we have:
Number of trials = 10 (since the man shoots at the target 10 times)
Number of successes = 8 (success is defined as hitting the target, and we want to hit it 8 times)
Probability of success = 1/3
Probability of failure = 1 - 1/3 = 2/3
Now, plugging in all these values into the formula, you should get approximately 0.003048
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