A Chance Node on a Decision Tree Has Four Possible

question 12

Essay

A chance node on a decision tree has four possible outcomes worth $10,000, $20,000, $30,000 and minus $100,000 respectively.The probabilities of these outcomes occurring are assessed
as 10%, 25%, 50% and 15% correspondingly.What is the expected value of this chance node?

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Definitions:

Seattle Longitudinal Study

A research project initiated by K. Warner Schaie examining cognitive abilities across the lifespan, starting from 1956.

Cross-sequential Study

A research method that combines both cross-sectional and longitudinal designs to examine changes across different ages over time.

Adult Intelligence

The cognitive capabilities and mental skills of an adult, including problem-solving, reasoning, and memory.

Age 60

A stage in human life often considered the beginning of seniority or the late adulthood phase, with implications for health, work, and social roles.