What is the expected value

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Reference no: EM13784515

Question: I am not understanding the concept please provide formula and how you get the answer to help simplify here are two questions:
outcome Probability
1 1/4
2 1/2
3 1/4
What is the expected value?

2- an architect is considering bidding for a design of a new museum. The cost of drawing plans and submitting a model is $15,000, The probability of being awarded the bid is 0.1, and anticipated profits are $150,000, resulting in a possible gain of this amount minus the $15,000 cost for the plans and model. What is the expected value?

Reference no: EM13784515

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