Expected Value

Front

Given the probability model in the table below, what is the expected value of the random variable?
  X        50          20        5
P(X)     0.1         0.3      0.6

Back

14

Front

If the expected value is negative, are you expected to win?

Back

no

Front

A coin is flipped 3 times. If you get tails once you get $5, tails twice you get $15, and tails on all three flips you get $40. What is the expected amount of money you will get?

Back

$12.50

Front

What is the expected value of a coin flip where Eva wins $4 for heads and loses $3 for tails?

Back

$0.50

Front

Find the mean (expected value) of the probability distribution.

Back

84.4

Front

Suppose you buy a ticket for $6 out of a lottery of 1000 tickets where the prize for the one winning is to be $800. How much money do you take home (after paying for it)?

Back

-$5.20

Front

Suppose you pay $1.00 to roll a fair die with the understanding you will get $3.00 back rolling a 4 or a 2, and nothing otherwise. Is this a fair game?

Back

yes

Front

A student group sells 500 raffle tickets for $2 each. At the drawing the top prize will be a gift certificate for $100. Second prize will be a $50 gift card and there will be five 3rd prizes, each a $20 gift card. Do you expect to win or lose (on average)? How much?

Back

lose an average of $1.50