Given the following probability distribution, what is the expected value? Outcome P(Outcome) 4 0.30 37 0.23 16 0.01 40 0.04 9 0.08 33 0.34

A First Course in Probability (10th Edition)
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Chapter1: Combinatorial Analysis
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Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Given the following probability distribution, what is the expected value?

Outcome P(Outcome)
4 0.30
37 0.23
16 0.01
40 0.04
9 0.08
33 0.34
Expert Solution
Step 1

The expected value of a random variable X formula is,

Probability homework question answer, Step 1, Image 1
Step 2

The expected value is obtained below:

The required value is,

 

E(1) -ΣΧΡ(X = x)
- (4x0.30)+(37x0.23)+ (16x0.01) + (40x 0.04)+ (9x0.08) + (33x 0.34)
1.2 8.51 0.16 1.6+0.72 11.22
=23.41
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