Chance of missing completely


Assume Artemis is considering whether or not to enter archery contest. The entry fee is $15. Contestants get 1-shot at a target, if they get the bulls-eye they get $100, if they hit the target but don't get a bulls-eye they get $10 and if they miss completely they get nothing. She has a 5% chance of getting a bulls-eye and 40% chance of missing completely. According to the expected value rule, should she enter the contest? What would a fair entry fee be for Artemis?

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Basic Statistics: Chance of missing completely
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