Guide :High School

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

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
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) Hope This Helps  ...

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