Answer:
13.75
Step-by-step explanation:
The expected value of the hourly wage is the sum of the probabilities (percentage of time spent on each job) multiplied by the payoff (money earned) from each possible occurrence (job): 0.6 × 11 + 0.25 × 19 + 0.15 × 16 = $13.75.
The average hourly wage will be equal to 13.75 hours.
An average is a single number chosen to represent a group of numbers; it is often the sum of the numbers divided by the number of numbers in the group.
Probability is defined as the ratio of the number of favorable outcomes to the total number of outcomes in other words the probability is the number that shows the happening of the event.
Given that work at a convenience store 60% of your time, and earn $11.00 an hour. Referee games at your city park 25% of your time, and earn $19.00 an hour. Do your elderly neighbor’s housework 15% of your time, and earn $16.00 an hour.
The expected value of the hourly wage will be calculated as below:-
The expected value of the hourly wage is the sum of the probabilities (percentage of time spent on each job) multiplied by the payoff (money earned) from each possible occurrence (job):
0.6 × 11 + 0.25 × 19 + 0.15 × 16 = $13.75.
Therefore, the average hourly wage will be equal to 13.75 hours.
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