Question

What is an expected​ value? A. Expected value is the probability of losing an event many times. B. Expected value is the probability of winning an event many times. C. Expected value is the estimated gain or loss of partaking in an event many times. D. Expected value is the total estimated cost to partake in an event many times.

Answer 1

C. Expected Value is the estimated gain or loss in partaking in an event many times.

Explanation:

Expected value also know as mean is the average value of a random variable. It is the probability weighted average of all it's possible values. Usually calculated by

E (x × p) = expected value

Where E = summation

X = variables

P = probabilities for each variable