Consider the following probability distribution a Explain wh

Consider the following probability distribution.

a) Explain why this is a valid probability distribution.
b) Find the expected value for this probability distribution. Show your work or what you plugged into the calculator.

Solution

a. It\'s a valid probability distribution because the probabilities sum to 1: 0.34 + 0.21 + 0.17 + 0.28 = 1.

b. The expected value is 5(0.34) + 10(0.21) + 15(0.17) + 20(0.28) = 11.95