SOLUTION: Suppose the random variable X represents the annual salaries in dollars of a group of teachers. X={$30,000, $40,000, $50,000}
P(30,000) =0.6;
P(40,000) =0.3;
P(50,000) =0.1;
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Question 1077450: Suppose the random variable X represents the annual salaries in dollars of a group of teachers. X={$30,000, $40,000, $50,000}
P(30,000) =0.6;
P(40,000) =0.3;
P(50,000) =0.1;
Find the expected value E (x)
Answer by srinivas.g(540) (Show Source): You can put this solution on YOUR website!
Expected value = sum of X* P(X)
= 30000 * 0.6+40000*0.3+50000*0.1
= 35000
Hence expected value = $ 35000
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