Question

In: Statistics and Probability

If you played this game 619 times how much would you expect to win or lose?

Suppose a basketball player has made 233 out of 303free throws. If the player makes the next 3 free throws, I will pay you $7. Otherwise you pay me $8

Step 2 of 2 :  

If you played this game 619 times how much would you expect to win or lose? Round your answer to two decimal places. Losses must be entered as negative.

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Expert Solution

Suppose a basketball player has made 233 out of 303free throws. If the player makes the next 3 free throws, I will pay you $7. Otherwise you pay me $8

If you played this game 619 times how much would you expect to win or lose?

Probability of win = p = (233/303)*(233/303)

p =0.7689*0.7689

p = 0.5912

Probability of losing = q= 1-p = 1-0.5912

q = 0.4088

Expected value = (p)*winning amount + q*losing amount

= 0.5912*7 +0.4088 *(-8)

= 4.1384 - 3.2704

= 0.868

n=619

So,expected winning for 619 games is 619*0.868

= 537.29

orchestra answered 3 years ago
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