Four possibilities have probabilities 0.4,0.2,0.2 and 0.2 and values $20,$20,$40,and $40 respectively.The expected value is:
A)$22
B)$24
C)$26
D)$28

Name: Four possibilities have probabilities 0.4,0.2,0.2 and 0.2 and values $20,$20,$40,and $40 respectively.The expected value is: A)$22 B)$24 C)$26 D)$28
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Question

​Four possibilities have probabilities 0.4,0.2,0.2 and 0.2 and values $20,$20,$40,and $40 respectively.The expected value is:
A)​$22
B)$24
C)$26
D)​$28

Quizplus · Accepted Answer

The expected value is calculated by multiplying each value by its probability and summing the results: (0.4 * 20) + (0.2 * 20) + (0.2 * 40) + (0.2 * 40) = 8 + 4 + 8 + 8 = 28.

​Four Possibilities Have Probabilities 0

Four Possibilities Have Probabilities 0