Math Problem Statement
There is a game where the outcome is a random integer from 1 to 50. If the outcome is odd, you win $18. If the outcome is even, you win nothing. If you play the game, what is the expected payoff?
Solution
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Math Problem Analysis
Mathematical Concepts
Probability
Expected Value
Arithmetic Sequences
Formulas
Expected Value Formula: E(X) = Σ (P(x) * x)
Arithmetic sequence for odd numbers: 2n - 1
Theorems
Law of Large Numbers
Suitable Grade Level
Grades 9-12