Question

Below is a partially complete probability model. Enter the probability for the final outcome. Outcome: 0.5 0.5 2.5 6Probability:0.35 0.2 0.15 Find the expected value of the probability model

Answer 1

Answers:

Probability: 0.3

Expected value: 2.45

Step-by-step explanation:

First, we need to calculate the probability for the outcome 6. We can calculate this probability as

P = 1 - 0.35 - 0.2 - 0.15

P = 0.3

This is because the sum of all probabililties should be equal to 1 and

0.35 + 0.2 + 0.15 + 0.3 = 1

Then, the expected value is equal to each outcome multiplies by its probability, so

E = 0.5(0.35) + 0.5(0.2) + 2.5(0.15) + 6(0.3)

E = 0.175 + 0.1 + 0.375 + 1.8

E = 2.45

Therefore, the answers are

Probability: 0.3

Expected value: 2.45