What is the expected value of an experiment ?
The sum of the probabilities of all the possible events in an experiment.
The sum of all the amounts gained and lost from each possible event occurring in an experiment.
The expected gain or loss of an experiment over the long run.
Complete the following sentences.
The expected value of a game is $-£3.50$−£3.50 and the cost to play the game is $£10.00$£10.00.
What is the fair price to play the game?
The expected value of a game is $-£4.00$−£4.00 and the cost to play the game is $£5.00$£5.00.