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The following table shows the probability distribution for the prize amounts that will be awarded at a school raffle. Prize $1 $5 $10 $20 $50 Probability 0.60 0.30 0.05 0.04 0.01 Let the random variable P represent a randomly selected prize amount. What is the expected value of P ? $1.00 A $3.90 B $4.00 C $10.00 D $17.20

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MathPhys

Answer:

$3.90

Step-by-step explanation:

The expected value is the sum of each outcome multiplied by its probability.

E(P) = (1)(0.60) + (5)(0.30) + (10)(0.05) + (20)(0.04) + (50)(0.01)

E(P) = 3.9

shristiparmar1221

This question is based on the concept of probability. Therefore, the correct option is A , $3.90 is the expected value of P.

Given:

Prize                 $1          $5            $10            $20              $50

Probability     0.60      0.30         0.05           0.04              0.01

We need to determined the the expected value of P.

According to question,

By using the definition of expected value of probability.

The expected value is defined as the the sum of each outcome is multiplied by its probability.

Therefore, the formula of expected value,

[tex]E(X) = X_1P_1 + X_2P_2 + X_3P_3 + X_4P_4+ X_5P_5\\\\E(X) = (1)(0.60)+(5)(0.30) +(10)(0.05)+(20)(0.04)+(50)(0.01) \\\\E(X) =0.60 +1.5+0.5+0.8+0.5\\\\E(X)= 3.90[/tex]  

Therefore, the correct option is A, i.e. $ 3.90 is the expected value of P.

For further details, prefer this link:

https://brainly.com/question/13904196

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