Daily sales at a store is a random variable, with values of $100, 300, 500, and...

Daily sales at a store is a random variable, with values of $100, 300, 500, and 800 with probabilities 0.2, 0.2, 0.5, and 0.1 respectively. What is the expected value of sales?

Expert Solution

Expected value of sales= Variables * Values

= (100*0.2)+(300*0.2)+(500*0.5)+(800*0.1)

= 410

Answer = 410

jeff jeffy answered 2 years ago

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