Yahoo Answers is shutting down on 4 May 2021 (Eastern Time) and the Yahoo Answers website is now in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

?
Lv 6
? asked in Science & MathematicsMathematics · 7 months ago

whats the expected value of getting a 5 dollar bill as a gift?

Probability question

4 Answers

Relevance
  • 7 months ago
    Favourite answer

    You need the probability and then you can compute the expected value.

    For example, let's say that 20% of the time you get $5. But 80% of the time you get $0.

    E(X) = (0.2 * 5) + (0.8 * 0)

    = 1 + 0

    = 1

    So your expected value is $1.

    Note: This doesn't mean you expect to get a $1 bill. In fact, you are only going to get $5 or nothing. But if you repeated this over and over, in the long run the average amount you get is $1.

  • 7 months ago

    What's the probability of getting $5?  Are there other possible options?  What are those probabilities? 

    We need all of this information to get the expected outcome.

  • Anonymous
    7 months ago

    That would be - 5 dollars.

    Attachment image
  • 7 months ago

    if you get the gift, $5

Still have questions? Get answers by asking now.