Expected Value Assignment Formula Expected value - F(x) Where x = the outcome and P = probability of outcome Assignment Resources Lesson Notes Completed Lesson Notes Lesson Video Assignment Dr. Kimball likes to go fishing with his son. To motivate his son, he pays him for the first fish that he catches. There are two types of edible fish that his son can catch: Trout and Salmon. If he catches a Trout he pays him $5, if he catches Salmon $3. There is a 20% chance that he will catch a trout and 50%% that he will catch a Salmon. Each question is worth 2 points. Possible Outcomes: Probability of Pay = x Outcome = P Choose an option Choose an option . Choose an option Choose an option Kokanee Salmon None Choose an option Choose an option Expected Value = On average, how much does Or. Kimball pay his son on a trip? (Hint average paid on a trip - expected value)