Let S={s1,s2,s3} be a sample space with probability distribution P given by P(s1)-0.2, P(s2)=0.3, P(s3)=0.5. Let f be a function defined on S by f(s1)=5, f(s2)=-2, f(s3)=1. What is the expected value of f?

Answer 1

sum the products of P(si)*f(si) for i=1..3