00:01
In this video, we are going to calculate the expected value for the payout of a game.
00:08
So we have the payout amount and then the probability of each.
00:19
They don't add up to one because there's also the payout amount of zero, but that won't affect our expected value.
00:26
So if we take the amount and we multiply it by the probability in each case, and then we add them up, we will get our expected value.
00:40
Value.
00:41
It's like calculating a weighted average.
00:46
So we have slim chances of making $135 ,000 clearly.
00:54
Yeah, so the remainder, you know, whatever probability, one minus all these, this would be zero and then that would be, but as you can see, multiplying zero by something would not mathematically change the value.
01:05
All right, so 130 times 0 .13 is 17 .03...
