The expected value of the winnings from a game that has the following payout probability distribution is 2.3
What is expected value?
In statistics and probability analysis, the expected value is calculated by multiplying each of the possible outcomes by the likelihood each outcome will occur and then summing all of those values.
To calculate the expected value ,
we have to multiply each of the given probability by the individual payout value and then add the following answers
So, expected value
=0(0.45) + 2(0.3) + 4(0.1) + 8(0.1) + 10(0.05)
=0+0.6+0.4+0.8+0.5
= $2.3
Hence, the expected value is 2.3
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