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4 Answers
- PuzzlingLv 77 months agoFavorite Answer
You need the probability and then you can compute the expected value.
For example, let's say that 20% of the time you get $5. But 80% of the time you get $0.
E(X) = (0.2 * 5) + (0.8 * 0)
= 1 + 0
= 1
So your expected value is $1.
Note: This doesn't mean you expect to get a $1 bill. In fact, you are only going to get $5 or nothing. But if you repeated this over and over, in the long run the average amount you get is $1.
- llafferLv 77 months ago
What's the probability of getting $5? Are there other possible options? What are those probabilities?
We need all of this information to get the expected outcome.
- Anonymous7 months ago
That would be - 5 dollars.