Explained: "OutcomePayoutP(X)xP(x)/E(X)Value of all three items match$150.0250.375Either all values..."

High School
Other

Ronnie Baur

Answered question

2021-11-26

\begin{array}{cc} O u t c o m e & P a y o u t & P (X) & x P (x) / E (X) \\ Value of all three items match & $ 15 & 0.025 & 0.375 \\ Either all values odd or even & $ 5 & 1.5 & 7.5 \\ Value of 2 of 3 items match & 5 $ & \frac{19}{10} = 1.9 & 9.5 \\ Values are in increasing order & $ 10 & \frac{38}{60} = 0.63 & 6.3 \end{array}

Answer & Explanation

Marian Tucker

Beginner2021-11-27Added 15 answers

Step 1
how do I go from payout to P(X) ?
the P(x) here stands for probability of event x
it is usually provided and is not to be found
Step 2
then from that to

\frac{x P (x)}{E (X)}

?
E(X) is found using the formula

= x \cdot P (x)

here

x =

payout
P(x) is the probability provided

\begin{array}{cc} p a y o u t & P (x) & x \cdot P (x) \\ 15 & 0.025 & 15 \cdot 0.025 = 0.375 \\ 5 & 1.5 & 5 \cdot 1.5 = 7.5 \\ 5 & 1.9 & 5 \cdot 1.9 = 9.5 \\ 10 & 0.63 & 10 \cdot 0.63 = 6.3 \end{array}

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