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Question for Discrete random variable
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asked
Oct 12, 2018
in
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by
Rathin
(
820
points)
An investor has a 0.60 probability of making a 20000 dollar profit and a 0.40 probability of suffering a 25000 dollar loss. What is the expected value?
statistics
random-variable
expected-value
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Oct 12, 2018
by
Rathin
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820
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μ, of a random variable x is $\mu = \sum x.P(x)$ for all values of x
Here we will subtract the second value as it is in loss.
$\mu = (0.60)(20000) - (0.40)(25000)$
$\mu = 2000$
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