Question

on a tv game show, the contestant is asked to select a door and then is rewrded with the prize behind the door selected. if the doors can be selected with equal probability, what is the expected value of the selection if the three doors have behind them a 40 thousand dollar car, a $3 silly straw, and a $50 math textbook?

Answer 1

expected value= 1/3 * 40,000 + 1/3*3 + 1/3 * 50

expected value is the sum of the products of the probability of each outcome times the value of the outcome.