Question

question 23 (3 points)
in a casino game, you have a 48.5% chance of winning $1, a 49.5% chance of losing $1, and a 2% chance of winning $50. what is the expected value of each game played? the expected value is calculated as (probability of winning $1 × $1)+(probability of losing $1 × -$1)+(probability of winning $50 × $50)
$23.68
$99.00
$1.23
$0.99
question 24 (3 points)
when developing a three - year financial plan for a small business, which set of data should you incorporate to ensure the plan is comprehensive and realistic?
historical financial data from a similar business, projected inflation rates, and local economic growth forecasts.
projected income, projected fixed and variable costs (including licenses, rent, utilities, taxes, and cost of goods sold), and industry - specific risk assessments.
competitor price lists, current inventory levels, and the business owners personal credit score.
national economic trends, projected industry - specific growth, and global currency exchange rates.

Explanation:

Question 23

Step1: Calculate first - part of expected value

$0.485\times1 = 0.485$

Step2: Calculate second - part of expected value

$0.495\times(- 1)=-0.495$

Step3: Calculate third - part of expected value

$0.02\times50 = 1$

Step4: Sum up the parts

$0.485+( - 0.495)+1=0.99$

To create a comprehensive and realistic three - year financial plan for a small business, projected income, costs, and risk assessments are essential. Historical data from a similar business can be useful but may not be as crucial as internal projections. Competitor price lists and the business owner's personal credit score are less relevant for the overall financial plan compared to income and cost projections. National economic trends and global currency exchange rates are more macro - level factors and not as directly relevant as internal cost and income projections for a small business.

Answer:

$0.99$

Question 24