So expected returns are just a little more advanced version of probability - without getting too in detail it uses weighted averages so you do not have to add the same number 17 times.
Let's first define our variables:
E(X) = Expected Return
X1 = Variable 1
P1 = Probability 1 (in decimal format so 55% would be .55)
X2 = Variable 2
P2 = Probability 2 (P2 is also equal to 1 - P1)
So the expected return formula is as follows:
E(X) = (X1)*(P1) + (X2)*(P2)
Plugging in our given numbers we get
E(X) = Expected Return
X1 = 300,000
P1 = 10% or .1
X2 = 40,000
P2 = 1 - P1 = 1 - .1 = .9
E(X) = (300,000)*(.1) + (40,000)*(.9)
E(X) = 66,000
Now remember this does not include the opportunity cost of spending your four years in college studying biology instead of another degree.
An optometrist holds a Doctor of Optometry (O.D.) degree, which takes seven years of study to complete. O.D.s diagnose vision problems, diseases of the eye and related diseases. They are also responsible for prescribing corrective eyeglasses and contact lenses.
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Difficulty: Challenging
Instructions
Things You'll Need:
Take numerous science and biology courses in high school.
Go to a college where you can take three years of pre-optometry courses. Consult your guidance counselor during your junior year about colleges that offer such a program.
Find and visit optometry Web sites with the help of a major search engine like Google or Yahoo. Look for information on optometry schools and their admission requirements.
Take the Optometry Admissions Test during your second or third year in college. The test will measure your academic and scientific knowledge.
Apply for admission to optometry schools accredited by the Council on Optometric Education of the American Optometric Association. Keep in mind that competition is great.
Complete your optometry school's four-year course of study and pass a written and clinical state board exam.
Apply for your state license after receiving your O.D. degree. You should ask your state's Board of Optometry well beforehand about its licensing procedure.
Consider a one-year postgraduate program if you want to become a specialist.
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