Question 558562: Give the outcome values 3,8, and 10 and the corresponding probabilities 0.30,0.45, and 0.25, find the expected value? dont understand
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Give the outcome values 3,8, and 10 and the corresponding probabilities 0.30,0.45, and 0.25, find the expected value?
To determine expected value:
1st: multiply each of the outcome values by its probability.
2nd: add those products to get the expected value.
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E(x) = 3(0.3) + 8(0.45) + 10(0.25) = 7
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Cheers,
Stan H.
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