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A project has the following projected outcomes in dollars:______. $210, $340, and $520. The probabilities of their outcomes are 20%, 50%, and 30% respectively. What is the expected value of these outcomes?

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hyderali230

Answer:

Expected value of these outcomes is $368

Explanation:

Expected value is the weighted average value of random variable. It is the sum of all the probable outcome.

Expected value can be calculated as follow

Outcomes ________ Probabilities _________ Expected values

$210 _______________ 20% ________________ $42

$340 _______________ 50% ________________ $170

$520 _______________ 30% ________________ $156

Total ____________________________________ $368

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