My Math Forum Expected Total value

 Probability and Statistics Basic Probability and Statistics Math Forum

 June 10th, 2015, 03:59 PM #1 Newbie   Joined: Jun 2015 From: Kiribati Posts: 5 Thanks: 0 Math Focus: Statistics Expected Total value Could anyone check my working out Two coins are selected at random from a wallet containing four 5 cent pieces, one 10 cent piece, three 20 cent pieces and two 50 cent pieces. What is the expected total value of the two coins? expected value = mean = ∑(x).P(x) But before using the formula you should created your Probability distribution table: cents...........5c.....10c....20c.....50c value of x......4......1.......3........2 P(x=x)..........2/5...1/10...3/10...1/5 Probability Distribution( from the table above) X........... 1.... 2..... 3..... 4 P(X=x)...0.1.. 0.2... 0.3... 0.4 By using the formula(∑(x).P(x)) all x values were multiplied by its probability and then add them together. = 3 I dont know if I do the right thing because and if I do some mistakes I would like to learn from it.
 June 11th, 2015, 07:46 AM #2 Senior Member     Joined: Mar 2011 From: Chicago, IL Posts: 214 Thanks: 77 \begin{matrix} Outcome\ x_i & 10¢ & 15¢ & 25¢ & 30¢ & 40¢ & 55¢ & 60¢ & 70¢ & $1 \\ Probability\ p_i & \frac{\binom{4}{2}}{\binom{10}{2}} & \frac{4\cdot 1}{\binom{10}{2}} & \frac{4\cdot 3}{\binom{10}{2}} & \frac{1\cdot 3}{\binom{10}{2}} & \frac{\binom{3}{2}}{\binom{10}{2}} & \frac{4\cdot 2}{\binom{10}{2}} & \frac{1\cdot 2}{\binom{10}{2}} & \frac{3\cdot 2}{\binom{10}{2}} & \frac{\binom{2}{2}}{\binom{10}{2}} \end{matrix}$\displaystyle E[X]=\sum_{i=1}^9 x_i\cdot p_i=0.38\$

 Tags expected, total

 Thread Tools Display Modes Linear Mode

 Similar Threads Thread Thread Starter Forum Replies Last Post sensational Probability and Statistics 1 June 10th, 2015 05:21 PM panky Calculus 2 May 27th, 2014 08:31 PM AamirAli Algebra 5 March 4th, 2013 01:39 AM fc_groningen Advanced Statistics 0 May 7th, 2011 04:52 AM MathematicallyObtuse Algebra 3 February 8th, 2011 01:41 AM

 Contact - Home - Forums - Cryptocurrency Forum - Top