Rahul wants to play a poker game. The entry charge for the game is a non-refundable INR 2000 and probability that Rahul wins a poker game is 3%. The prize money is INR 50000. If Rahul wins, he gets the prize money. If he loses, he gets nothing. What's his expected earning/loss per game?
Answers
Answered by
0
Answer:
15000000000000000000000000000000
Answered by
0
Answer:
-500
Step-by-step explanation:
1. X = {+48000, -2000}. In case Rahul wins, he'll get 50,000 but since he's spent 2000 as the ticket, the net profit will be 48000.
2. P(X) = {0.03, 0.97}
E[X] = +48000*0.03 - 2000 *0.97 = 1440-1940 = -500
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