A lottery ticket on the market gives players the chance to win up to $100 instantly in cash prizes. Let X ($) be the discrete random variable of cash prizes available. The following table shows the discrete probability distribution of X. Find the expected value of the cash prize per game for this lottery ticket. Give your answer correctly rounded to two decimal places, do NOT include units in your answer. X P(X) 0 0.3 1 0.6 100 0.1
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Step 1: Calculate the expected value using the formula E(X) = Σ x * P(X) Show more…
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