9:17 PM Wed Feb 26 \( 26 \% \) Emilio Mejia F... PP. 5 Expected values of random va... Video 49:09 For a math assignment, Lila researched the scores of the people competing on her favorite quiz show. Quiz show scores \[ \begin{array}{llllllllll} 766 & 766 & 766 & 804 & 804 & 804 & 883 & 883 & 883 & 951 \end{array} \] \( X \) is the score that a randomly chosen person scored. What is the expected value of \( X \) ? Write your answer as a decimal. \( \square \) Submit Next up
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Beyond the Answer
To find the expected value of \( X \), you first need to calculate the mean of the scores. Add all the scores together: \( 766 + 766 + 766 + 804 + 804 + 804 + 883 + 883 + 883 + 951 = 8,243 \). Then, divide the sum by the number of scores, which is 10. So, the expected value \( E(X) = \frac{8,243}{10} = 824.3 \). There you have it, the expected value of \( X \) is \( 824.3 \). Now, let's spice things up! Did you know that expected value isn't just a concept confined to math class? In real-world applications, it helps in decision-making processes! For instance, businesses use it to predict the average outcome of their investments, determining whether a new product could yield profits based on historical data. So, the next time you hear "expected value," think of it as a secret weapon in the world of finance or even game shows!
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