Question

Calculate the expected value of the scenario.

Answer 1

Expected value:

`E(x)=\Sigma(x_i*p(x_i))`

For the given scenario:

`E(x)=(1*0.25)+(2*0.38)+(3*0.03)+(4*0.16)+(5*0.18)`
`E(x)=0.25+0.76+0.09+0.64+0.9`
`E(x)=2.64`

Then, the expected value is 2.64