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 05-03-2009, 12:31 AM #1 ScottStuart I usually hit open layups     Join Date: Jun 2006 Posts: 178 Question on probability You joined an office “pool.” There are 8 teams that you can bet on. You bet on the mighty Coyotes that have won 40% of the games played so far this season. You decided to bet \$5.00 on them. If you lose, you lose your \$5.00. If you win, you get back your \$5.00 and get another \$5.00. If you bet on the Coyotes all season and the probabilities remain the same, what is the expected value of each bet? Thanks if anyone knows this trick question. I feel like there are so many unnecessary pieces of information that I'm being thrown off, or maybe I'm just a dumbass. I'm guessing the value of each bet goes up \$5 and there are 7 teams the coyotes play so since the probabilities remain the same it should be \$5, \$10, \$15, \$20, \$25, \$30, \$35. Right?
 05-03-2009, 12:48 AM #2 Knuck the Ficks Come touch it, Dave     Join Date: Feb 2008 Posts: 2,106 Re: Question on probability I don't see any trick here, unless you've misworded the question. The expected value of one bet would be -5*(1-0.4)+5*0.4
05-03-2009, 12:58 AM   #3
ScottStuart
I usually hit open layups

Join Date: Jun 2006
Posts: 178
Re: Question on probability

Quote:
 Originally Posted by Knuck the Ficks I don't see any trick here, unless you've misworded the question. The expected value of one bet would be -5*(1-0.4)+5*0.4

So the answer is \$-1 ?

Yea, it's the expected value of each bet, not one bet. Sounds right but I'm not sure.

Thanks for your help knuck the ficks

Last edited by ScottStuart : 05-03-2009 at 01:19 AM.

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