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An auction website charges $1 for a bid. The bidding starts at 1¢ and goes up 1¢ at a time. A television that is worth $2000 is won, on average, with a bid of $160. You make one bid at random.
Find the expected value of the outcome of the bid. (Write as an exact decimal, with a negative sign, if necessary.)
Expected Value: $
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160 in 1¢ steps means 16,000 bids
so you invest $1 with a 1/16000 probability of a $2000 return
the expected value (in dollars) is ___ -1 + [(1/16000) * 2000)]
this is why auction websites exist
thats correct but I must say it looks a lot like the yahoo answer for the same question
yeah thats the exact same answer from yahoo answers haha @BioHazard9064. but so what do i put in the answer box?
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So its a fill the blank question fun
so if its -1+ [(1/16000) * 2000)] = -0.875
but that don't help much
to be honest I cant solve this but I know someone who might
@DaBest21 Need Some help
@em2000 does that alot
it is a 1/16,000 chance of earning 1,999 while there is a 15,999 chance of losing a dollar so find 1/16000 which is 0.0000625 so do 1-0.0000625=.9999375 so .9999375*-1=-.9999375+(1999*.0000625=.1249375+-.9999375=0.875 @BioHazard9064 @madison.bush