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anonymous
 one year ago
Will fan and medal!
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: $
anonymous
 one year ago
Will fan and medal! 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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anonymous
 one year ago
Best ResponseYou've already chosen the best response.0160 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

BioHazard9064
 one year ago
Best ResponseYou've already chosen the best response.1thats correct but I must say it looks a lot like the yahoo answer for the same question

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0yeah thats the exact same answer from yahoo answers haha @BioHazard9064. but so what do i put in the answer box?

BioHazard9064
 one year ago
Best ResponseYou've already chosen the best response.1So its a fill the blank question fun

BioHazard9064
 one year ago
Best ResponseYou've already chosen the best response.1so if its 1+ [(1/16000) * 2000)] = 0.875 but that don't help much

BioHazard9064
 one year ago
Best ResponseYou've already chosen the best response.1to be honest I cant solve this but I know someone who might

BioHazard9064
 one year ago
Best ResponseYou've already chosen the best response.1@DaBest21 Need Some help

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0@em2000 does that alot

anonymous
 one year ago
Best ResponseYou've already chosen the best response.0it 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 10.0000625=.9999375 so .9999375*1=.9999375+(1999*.0000625=.1249375+.9999375=0.875 @BioHazard9064 @madison.bush
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