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I play a gambling game in which I will win different amounts of money with different likelihood's. Suppose that I win X dollars with a probability of P(X) (if C is negative I am losing money). The distribution is as follows: what is the appropriate value of P?

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MrRoyal

Answer:

[tex]p = 0.05[/tex]

Step-by-step explanation:

Given

See attachment for the distribution

Required

Find p

To find p, we make use of:

[tex]\sum P(x) = 1[/tex]

So, we have:

[tex]0.50 + 0.25 + 0.13 + 0.07 + p = 1[/tex]

[tex]0.95 + p = 1[/tex]

Make p the subject

[tex]p = 1 - 0.95[/tex]

[tex]p = 0.05[/tex]

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