Math1313-Section8.2-Blank

Math1313-Section8.2-Blank - Section 8.2 Expected Value The...

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Section 8.2 – Expected Value 1 Section 8.2 Expected Value The average (mean) of n numbers, x 1 , x 2 , x 3 ,…, x n is x . n x x x x n + + + = ... 2 1 Expected Value of a Random Variable X Let X denote a random variable that assumes the values x 1 , x 2 , x 3 ,…, x n with associated probabilities p 1 p 2 , …, p n , respectively. The expected value of X , E ( X ), is given by n n p x p x p x X E + + + = ... ) ( 2 2 1 1 Example 1: In this Finite Math class each of the 4 tests are worth 12%, the quiz average is worth 12%, the homework average is worth 8%, the popper average is worth 8%, and the final exam is worth 24%. If your grades are as follows: Test 1 – 82, Test 2 – 76, Test 3 – 87, Test 4 – 90, Quiz Average – 100, Homework Average – 91, Popper Average – 100, and Final Exam – 95. What is your class average (expected value)? Example 2: A box contains 15 quarters, 7 dimes, 5 nickels, and 8 pennies. A coin is drawn at random from the box. What is the mean of the value of the draw?
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Section 8.2 – Expected Value
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This note was uploaded on 08/30/2010 for the course MATH Math 1313 taught by Professor Abdelnourahmed-zaid during the Fall '10 term at University of Houston.

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Math1313-Section8.2-Blank - Section 8.2 Expected Value The...

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