Suppose we have a bag with 10 slips of paper in it. Eight slips have a 3 on them and the other two have a 5 on them.
How many 5's do we need to add to make the expected value equal to 7?
How many 5's do we need to add before the expected value is at least 8?
+1 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. By calculating expected values, investors can choose the scenario most likely to give the desired outcome.
My HT Space
