Suppose a basketball player has made 233 out of 402 free throws. if the player makes the next 3 free throws, i will pay you $166. otherwise you pay me $40. step 1 of 2: find the expected value of the proposition. round your answer to two decimal places. losses must be expressed as negative values.

There expected value of the proposition for you is -11 cents, that is, you are expected to lose $0.11.

Step-by-step explanation:

The first step to solve this problem is finding the probability that he makes 3 of his next 3 free throws.

The problem states that he makes 233 out of 402 free throws. This means that the probability that he makes a free throw is .

The probability that he makes his next 3 free throws is

if the player makes the next 3 free throws, i will pay you $166. otherwise you pay me $40.

There is a 19.47% probability of him making the next three free throws. This means that there is a 19.47% probbability of you losing $166.

There is a 100-19.47 = 80.53% probability of him not making the next three free throws. This means that there is an 80.53% probability of you winning $40.

So, for you, the expected value of the proposition is:

There expected value of the proposition for you is -11 cents.

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step-by-step explanation:

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