If there is a 25% probability that Joseph will earn $10 per hour at his job today and a 75% probability that he will earn $20 per hour today,his expected pay per hour is:
A)$10.00.
B)$15.00.
C)$17.50.
D)$20.00.

Question

Quizplus · Accepted Answer

The expected pay per hour is calculated by multiplying each outcome by its probability and then summing these products: (0.25 * $10) + (0.75 * $20) = $2.50 + $15.00 = $17.50.

If There Is a 25% Probability That Joseph Will Earn