To calculate the expected value of your profit or loss from this scratch-off ticket, we need to multiply the net value of each possible outcome by its probability and sum them all together.
Next, list or calculate the probability for each outcome. The problem gives most of them directly, but we need to calculate the probability of winning nothing: Probability of Probability of Probability of Probability of To find the probability of winning nothing (losing ), subtract the sum of the winning probabilities from fifa-22-pc-game-free-download
P(nothing)=1−(0.01+0.05+0.10+0.20)=1−0.36=0.64cap P open paren nothing close paren equals 1 minus open paren 0.01 plus 0.05 plus 0.10 plus 0.20 close paren equals 1 minus 0.36 equals 0.64 3. Apply the expected value formula To calculate the expected value of your profit