Answer:
Expected value of these outcomes is $368
Explanation:
Expected value is the weighted average value of random variable. It is the sum of all the probable outcome.
Expected value can be calculated as follow
Outcomes ________ Probabilities _________ Expected values
$210 _______________ 20% ________________ $42
$340 _______________ 50% ________________ $170
$520 _______________ 30% ________________ $156
Total ____________________________________ $368
