## How to use Expected Value Calculator with example?

Example :

Find out the expected value from the table given below :

x p(x)
10 0.4
11 0.2
12 0.2
13 0.1
14 0.1

Formula :

$$\text{EV}\;=\;\sum P(X_i)\;*\;X_i$$

$$\text{Expected Value}\;=\;10(0.4)\;+\;11(0.2)\;+\;12(0.2)\;+\;13(0.1)\;+\;14(0.1)$$

$$\text{Expected Value}\;=\;4\;+\;2.2)\;+\;2.4\;+\;1.3\;+\;1.4$$

$$\text{Expected Value}\;=\;11.3$$