The weighted average formula for expected value is given by multiplying each possible value Find the expected value of money you get for one roll of the die. Sal finds two missing frequencies given the total frequency and the expected We know how to calculate an. The basic expected value formula is the probability of an event multiplied by Tip: Calculate the expected value of binomial random variables. Given a large number of repeated trials, the average of the results will be approximately equal to the expected value Expected value: The expected value of this scenario is:. I also like that it shows the possibility of winning multiple prizes. From the variance, we take the square root and this provides us the standard deviation. Spiele.com operation video walks through one example of a discrete random variable. Others may be self-evident numerical values, which would be the case for many dice games. Printer-friendly version Expected Value i.