I'm familiar with how expected value works normally (EV = probability * value of event) but I'm not sure how to handle a situation with multiple probabilities.
As a simple example, let's say that I'm trying to calculate how much time I will take to park a car. I can either park at the end of the road, which takes only 1 minute or I can park in a big parking garage but that will take me at least 10 minutes of driving around in circles and riding the elevator.
Due to the time of day, there's an 80% chance that I'll snag a spot at the end of the road. The parking garage is huge so there's a 100% chance of getting a spot there.
How would this work?
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