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.

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.

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Lv 6

Damien fragte in Science & Mathematics Mathematics · vor 7 Monaten

whats the expected value of getting a 5 dollar bill as a gift?

Probability question

4 Antworten

Relevanz

Puzzling
Lv 7
vor 7 Monaten
Beste Antwort
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.
llaffer
Lv 7
vor 7 Monaten
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.
Anonym
vor 7 Monaten
That would be - 5 dollars.
billrussell42
Lv 7
vor 7 Monaten
if you get the gift, $5

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