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Math Help - statistics help with expected value using proportion

  1. #1
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    statistics help with expected value using proportion

    I have a statistic problem that reads a company has 100 employees and gives their employess different wages. In table form it has
    Hourly wage 8.65 9.05 9.75 10.10 12.20 14.25
    Proportion 21 17 23 22 16 1
    What is the expected value of wages for a new employee?
    I can do it when I have probability, but I know that there is something else that I need to do to this before I figure out the answer.......HELP!!!!!My exam is tomorrow!!!!
    Last edited by rosemary_nolan; February 20th 2007 at 02:22 PM.
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  2. #2
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    Quote Originally Posted by rosemary_nolan View Post
    I have a statistic problem that reads a company has 100 employees and gives their employess different wages. In table form it has
    Hourly wage 8.65 9.05 9.75 10.10 12.20 14.25
    Proportion 21 17 23 22 16 1
    What is the expected value of wages for a new employee?
    I can do it when I have probability, but I know that there is something else that I need to do to this before I figure out the answer.......HELP!!!!!My exam is tomorrow!!!!
    What you have labeld proportion could be frequency (that is numbers)
    or as they sum to 100 percentages. Either way the expected wage of
    an employee is:

    E(wage)=8.65*0.21+9.05*0.17+9.75*0.23+10.10*0.22+1 2.20*0.16+14.25*0.01=9.914

    RonL
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