Means & Variances of Discrete Random Variables: Chap. 7 Sec. 2a
Means & Variances of Discrete Random Variables: Chap. 7 Sec. 2a
Means & Variances of Discrete Random Variables: Chap. 7 Sec. 2a
Chap. 7 Sec. 2a
Expected Value:
Used in situations involving money (gambling, business, etc.). Finds the amount of money to be gained/lost, on average, over the long run. X represents the amount of gain (negative for a loss).
Expected Value
In the Tri-State Pick 3 game you select a threedigit number. The lottery then selects a random three-digit number and if your number is selected, you win $500. If it costs $1 to play what is your expected value?
Input Data
L1 = X values L2 = Probabilities
2. 3. 4.
1-Var Stats L1,L2 x = mean sx = standard deviation (square this value to get variance)