Explain what expected value means in given situation

Reference no: EM131416138

The Brann family wants to be financially prepared to have children. A financial advisor informs them that on the basis of families with similar characteristics, the probability distribution for the random variable X = number of children they might have is as follows:

No. of children	0	1	2	3
Probability	.05	.60	.30	.05

a. What is the expected value of X?

b. Explain what "expected value" means in this situation.

c. Is E(X) a possible outcome for the number of children that the Brann family will have?

Reference no: EM131416138

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