The Brann family wants to be financially prepared to have children. A financial advisor informs them that on the basis of families with similar characteristics, the probability distribution for the random variable X = number of children they might have is as follows:
|
No. of children
|
0
|
1
|
2
|
3
|
|
Probability
|
.05
|
.60
|
.30
|
.05
|
a. What is the expected value of X?
b. Explain what "expected value" means in this situation.
c. Is E(X) a possible outcome for the number of children that the Brann family will have?