Suppose you open a new game at the county fair. When patrons win, you pay them $3.00; when patrons lose, they pay you $1.00. If the probability of a patron winning is p = .20, then how much can you expect to win (or lose) in the long run? Hint: You need to compute the expected value of the mean.
A. win 0.20 cents per play
B. win 0.60 cents per play
C. lose 0.80 cents per play
D. lose 2.20 dollars per play
Ans: A
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