So I have a probability table with the values and their probabilities: $$\begin{array}{|l|l:l|} \hline X & 0 & 1 & 2 & 3 & 4\textsf{ or more} \\ \hdashline \mathsf P_{\!X} & 0.49 & 0.35 & 0.12 & 0.03 & 0.01 \\ \hline \end{array}$$ How would I find the expected value? I know you would take the probability and multiply it by the value and do this for all the values to find the expected value and that works for 1, 2 and 3, but I'm not sure what to do when it comes to '4 or more' because thats a range of values. What would I need to do to find the expected value?
Thanks.(Sorry about formatting, probabilities and what they align with go from left to right respectively (ed: it's now in a MathJax table for you))
Indeed you do need to assign a single value to the last category so that you may evaluate an expected value.
Rather than the undefinable $\mathsf E(X)$ you may only sensibly discuss $\mathsf E(\min\{X, 4\})$ .