Which of the following has the greater payout and why?
I. A 40% probability of winning $9,000 and a 60% probability of no payout.
II. An 75% probability of winning $2,000 and a 25% probability of no payout.
?
A. ?I. has the higher payout. The expected value is $3,600.
B. ?II. has the higher payout. The expected value is $1,500.
C. ?I. has the higher payout. The expected value is $5,400.
D. ?II. has the higher payout. The expected value is $500.
E. ?Both have the same payout.
Answer: A
Mathematics
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