Quickly determine the Expected Value E(x) of any probability distribution or event. This free online tool helps you understand the long-term average outcome, crucial for financial decisions, game theory, and risk assessment. Ideal for students, investors, and analysts.
Formula:
The Expected Value E(X) is calculated as the sum of each outcome's value multiplied by its probability:
E(X) = Σ [x × P(x)]
Where x represents the value of an outcome and P(x) is the probability of that outcome occurring. The sum is taken over all possible outcomes.