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.

Solutions

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 2 years ago
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