Question

The outcomes of an experiment, along with the corresponding probabilities are given below. Find the expected value of the experiment.
Outcome   Probability
4 0.2

2   0.3

0 0.25

-1 0.1

-5 0.15

A computer repair shop estimates that there is a 0.4 probability that the next computer will require 30 minutes to fix, a 0.5 probability that it will require 45 minutes to fix, and a 0.1 probability that it will require 70 minutes to fix. What is the expected value for how long it will take to fix the computer?

The game of roulette uses a wheel with 38 slots. The slots are numbered 1 through 36 with two slots numbered 0 and 00. If you bet $1 on “odd” and the ball lands on an odd number you get $2. Otherwise you get $0. What is the expected value of betting $1 on “odd?”
  

Answer 1