JustACat
contestada

***PLEASE HELP*** WILL MARK AS BRAINLIEST

An auction website charges $1 for a bid. The bidding starts at 1¢ and goes up 1¢ at a time. A television that is worth $2000 is won, on average, with a bid of $160. You make one bid at random. Find the expected value of the outcome of the bid. (Write as an exact decimal, with a negative sign, if necessary.)

Expected Value: $_________

Respuesta :

catrionac
$160 in 1¢ steps means 16,000 bids 

so you invest $1 with a 1/16000 probability of a $2000 return 

the expected value (in dollars) is -1 + [(1/16000) * 2000

Otras preguntas