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PMP
Question 1 of 15
EMV (Expected Monetary Value) is a statistical concept that calculates the average outcome for futuristic scenarios - analysis under uncertainty.
What would the EMV value be if you bet $60 that I’ll roll a die and it’ll come up on the number 4?
-$80
-$40
-$120
-$20
That was the correct answer, well done!
Sorry, that was the wrong answer
In this scenario, you have a 1 in 6 chance of winning $60 and a 5 in 6 chance of losing $60. The equation is:
($60 x (1/6) ) + (-$60 x (5/6) ) = $10 + (-$50) = -$40
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