Four Possibilities Have Probabilities 0

question 55

Multiple Choice

Four possibilities have probabilities 0.4,0.2,0.2 and 0.2 and values $80,$30,$0,and -$80 respectively.The expected value is:

• A)​$22
• B)$24
• C)$26
• D)​$28

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Definitions:

Quotient

The outcome achieved when one amount is divided by another.

Rounded

This term refers to adjusting a number to its nearest integer or specified decimal place for simplicity or convenience.

Mean

The average value in a set of numbers, calculated by adding all the numbers together and dividing by the count of the numbers.

Median

The median represents the value that occupies the central position in a dataset once it’s arranged sequentially from lowest to highest or the opposite way.