Dec 9 - Expected Value for a Game of Chance

Flashcard
•
Mathematics
•
9th - 12th Grade
•
Hard
+3
Standards-aligned
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15 questions
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1.
FLASHCARD QUESTION
Front
What are the odds of winning in a fair game of chance?
Back
50-50 or 1 in 2
Tags
CCSS.7.SP.C.5
2.
FLASHCARD QUESTION
Front
What is the expected value of a fair game?
Back
zero.
Tags
CCSS.HSS.MD.A.2
3.
FLASHCARD QUESTION
Front
Explain the concept of odds in gambling.
Back
The likelihood of a particular outcome happening and the potential payout for a bet.
4.
FLASHCARD QUESTION
Front
In a game with 10 floating ducks, there are 2 ducks with a green dot on the bottom. What is the probability of selecting a green duck?
Back
0.2
Tags
CCSS.7.SP.C.7B
5.
FLASHCARD QUESTION
Front
A student group sells 500 raffle tickets for $2 each. What is the expected value of a ticket if the top prize is $100, second prize is $50, and five 3rd prizes are $20 each?
Back
lose an average of $1.50
Tags
CCSS.HSS.MD.B.5A
6.
FLASHCARD QUESTION
Front
Define 'Expected Value' in the context of games of chance.
Back
The average amount one can expect to win or lose per bet if the game is played many times.
Tags
CCSS.HSS.MD.A.2
7.
FLASHCARD QUESTION
Front
What is the formula for calculating expected value?
Back
Expected Value = (Probability of Winning x Amount Won) - (Probability of Losing x Amount Lost)
Tags
CCSS.HSS.MD.A.2
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