4 months ago
Q:

the prices of three sneaker styles are $48,$56, and $72. the probability of choosing the $48 sneaker style is 1/2. the probability of choosing the $56 sneaker style is 1/8. the probability of choosing the $72 sneaker style is 3/8 what is the expected value of a pair of sneakers?A$28B$48C$56D$58

Accepted Solution

A:
Multiply each of the 3 prices by the associated probability, and then add up these three products:

($48)(1/2) + ($56)(1/8) + ($72)(3/8) = $24 + $7 + $27 = $58 (answer)