Expected Value Calculator

Expected Value?

In possibility and data theory, the anticipated value is precisely what you might assume it way intuitively: it's far referred to as the return that you could assume for some type of action, like how many more than one-desire questions you might get right if you guess on a more than one-desire check. The expected value of a random variable (X) denoted (E(X)) or (E[X]), makes use of opportunity to inform what effects to assume ultimately.

what's the expected fee system?

The formula for expected value (EV) is:

E(X) = mux = x1P(x1) + x2P(x2) + ... + xnPxn

E(X) = μx = Σⁿ(i=1) x𝑖 * P(x𝑖)

wherein;

• E(X) is referred to as the anticipated fee of the random variable X
• 𝜇x is indicated as the mean of X
• ∑ is the image for summation
• P(x𝑖)is indicated as the possibility of the outcome x𝑖
• x𝑖 is called the 𝑖th outcome of the random variable X
• n is the number of feasible consequences
• 𝑖 is indicated as the feasible outcome of the random variable X

The way to find predicted fee (Step-by way of-Step)

The method is mentioned earlier; right here we have an example for a higher information of the idea.

Example:

If the numbers are (4,8,6,three) and the opportunity of every cost is (0.1, zero.five, 0.04) and (0.36) respectively. discover the predicted cost ?

Allow's add the values into the predicted price system:

Allow's add the values into the predicted price system:

E(X) = 𝜇x = x1P(x1) + x2P(x2 + ... + xnP(xn))

right here,

X1 = four and P(x1) = 0.1

X2 = 8 and P(x2) = 0.5

X3 = 6 and P(x3) = 0.04

X4 = three and P(x4) = 0.36

So,

E(X) = (4)(zero.1) + (eight)(zero.five) + (6)(zero.04) + (3)(0.36)

E(X) = 0.4 + four + 0.24 + 1.08

E(X) = 5.72

How Our expected fee Calculator Works?

• input the one-of-a-kind “results” and their related “probabilities” inside the respective fieldss
• Press the “upload Row” button if you have greater values to generate new rows
• Press the “Calculate” button and that's all, you will get the anticipated cost, anticipated value desk and a step-by means of-step calculation