The probability that mary will win a game is 0.03, so the probability that she will not win is 0.97. if mary wins, she will be given $180; if she loses, she must pay $17. if x = amount of money mary wins (or loses), what is the expected value of x? (round your answer to the nearest cent.)

Expected value of X = -11.09

Explanation:

Expected profit:

= Probability of winning × Amount she wins

= 0.03 × $180  

= 5.4

Expected loss:

= Probability of loosing × Amount she paid

= 0.97 × $17

= 16.49

Let X be amount of money Mary wins or loses.

E(X) = Expected profit - Expected loss

= 5.4 - 16.49

= -11.09

Expected value of X = -11.09

That is expected value of loss of $11.09

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