Question

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?

Answer 1

think this problem requires the use of the 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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