The prizes that can be won in a sweepstakes are listed below together with the chances of winning each one.(adsbygoogle = window.adsbygoogle || []).push({});

$5900(1 chance in 8100); $2500( 1 chance in 6200); $600 (1 chance in 4700); $300(1 chance in 2600)

Find the expected value of the amount won for one entry if the cost to enter is

75 cents.

Now I am having trouble setting this up as a probability distribution. I just don't know where to start or what goes where. I know the awnser is $0.62..but i just can't figure out the steps. So far i'v been doing it like this

x P(x)

----- ------

Win $5899.25 ?

Lose -$.75 ?

Well I think i'm setting up "x" wrong and I just don't know what the probability should be. So any help would be apreciated.

**Physics Forums | Science Articles, Homework Help, Discussion**

Dismiss Notice

Join Physics Forums Today!

The friendliest, high quality science and math community on the planet! Everyone who loves science is here!

The friendliest, high quality science and math community on the planet! Everyone who loves science is here!

# Finding expected Value

**Physics Forums | Science Articles, Homework Help, Discussion**