Please explain each solutions using probability rules A student\'s parents promi
ID: 3207000 • Letter: P
Question
Please explain each solutions using probability rules A student's parents promise her a reward of $100 if she gets an A in biometry and $50 if she gets a B. What is the expected value of her reward if her probability of getting an A is 0.25 and her probability of getting a B is 0.40? Ail parameters must be calculated from scratch using the appropriate probability distribution. Do not use short-cut formulas such as the ones for the mean and variance of a binomial distribution. For some problems you may need to construct the probability distribution before you can calculate parameters. All probabilities must be calculated from first principles, as in the first homework assignment. DO NOT use short-cut formulas, such as the binomial equation.Explanation / Answer
Expected value of reward = Sum of (event x corresponding probability)
= 100x0.25 + 50x0.4
= $45