Suppose you are playing a game of chance. If you bet $5 on a certain event, you will collect a… 1 answer below »

Suppose you are playing a game of chance. If you bet on a certain event, you will collect a total of $200 (including your $5 bet) if you win. The probability of wining is 1 in 100. Find the expected value of your winnings or loss from a single bet.

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