What must be expected value of gavins trip to the casino

Reference no: EM133270542

Assignment:

Gavin is new to the world of gambling, and, very optimistically, thinks that visiting his local casino represents a fair gamble. Assuming that he is correct in this assumption, Gavin has only three possible outcomes for when he visits the casino this Saturday: (1) there is an 44 percent chance that that he wins $200, (2) there is a 20 percent chance he loses $300 or (3) a third and final probability that he loses or wins an unknown amount. What must the unknown value be for the expected value of Gavin's trip to the casino to be such that he wins $100? Give your answer to the nearest whole dollar (with no decimal points, spaces, $ signs, or commas in your answer).

Reference no: EM133270542

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