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In Summary

Expected value and variance are two important concepts in probability and statistics that allow us to make predictions and understand the behavior of random variables.

Expected value, also known as the mean or average, is a measure of the central tendency of a random variable. It can be calculated by multiplying all possible outcomes by their corresponding probability and then summing the products.

Variance is a measure of the spread or dispersion of a random variable. It can be calculated by taking the difference between each possible outcome and the expected value, squaring those differences, multiplying those square difference by the probability of that outcome, and then summing the products.