Chapter 20, Problem 1P

To determine

To Determine: The expected value of given situations

Concept Introduction:

Expected Value: It is defined as the weighted average of probable events where the weights of each probable value correspond to the chances of that value occurring.

Where,

• is expected value
  
• is probability of event 1
  
• is probability of event 2
  
• is probability of event
  
• is event 1.
  
• is event 2.
  
• is event