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July 29, 2014

July 29, 2014

Posted by **B.B.** on Monday, August 10, 2009 at 10:17am.

Answer: 1/3 but I don't think that this correct.

Could someone please help me with this problem?

Thanks.

- Math -
**bobpursley**, Monday, August 10, 2009 at 10:30amOF course it is not correct. Expected Value is in dollars.

EV=1/3(40,000) + 1/3 (3) + 1/3 (50)

http://en.wikipedia.org/wiki/Expected_value

- Math -
**B.B.**, Monday, August 10, 2009 at 10:39amSo then, my answer should be this:

13,333.33333+1+16.66666667= 13,351 is this correct?

Thanks.

- Math -
**Marth**, Monday, August 10, 2009 at 11:39am"Expected Value is in dollars."

Do not forget your units. 13,351 is the correct value, but your answer should be $13,351.00

- Math -
**B.B.**, Monday, August 10, 2009 at 11:46amThanks.

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