OUTCOME 1
10×0.5
x
X1
p
P1
OUTCOME 2
0×0.5
x
X2
p
P2
ROUNDING
2DP
EV = (x1×p1) + (x2×p2)
CHECK
Σp
Probabilities should add to 1
Σp = 1.00 (OK)
WORKING
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—
—
—
—
EXPECTED VALUE
READY
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PAGE 1/2
OUTCOME 1
10×0.5
x
X1
p
P1
OUTCOME 2
0×0.5
x
X2
p
P2
ROUNDING
2DP
EV = (x1×p1) + (x2×p2)
CHECK
Σp
Probabilities should add to 1
Σp = 1.00 (OK)
WORKING
—
—
—
—
—
EXPECTED VALUE
READY
—
PAGE 1/2
HOW TO USE
1) Enter x and p
2) Press SOLVE
3) Read working
4) Check Σp ≈ 1
FORMULA
EV = Σ(x×p)
Multiply each outcome
then add the totals
WORKED EXAMPLE
x1=10, p1=0.5
x2=0, p2=0.5
ANSWER
EV = 10×0.5 + 0×0.5
EV = 5
Long-run average
PAGE 2/2