Expected Value and Odds

Open Ended

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Multiple Choice

You spin the spinner two times. If you get blue both times, you win $15. If you don't, you lose $2. How much money do you expect to win or lose if you play this game 1000 times?

• Win $11

• Win $111

• Lose $11

• Lose $111

Open Ended

How does subtracting our Expected Value from initial amount help us assess risk and expected earnings?

Multiple Choice

A car dealer buys hybrids for $21,000 each and sells them for $24,500 each. Find his expected weekly profit.

• $2,380
• $5,355
• $8,109
• $37,485

Multiple Choice

Find the expected value

• Loss of $0.875
• Loss of $2.125
• Win of $1.875
• Win of $3.125

Open Ended

What are some other real-world examples of expected value that you can think of? Think-Pair-Share

Open Ended

Where have you heard the term "odds" used, what do you think it means? Think-Pair-Share

Odds in Favor Formula

Odds Against Formula

Multiple Choice

The probability of the box having a toy is 6/13. What are the odds against the box having a toy?

• 7:13

• 6:7

• 7:6

• 13:6

Multiple Choice

You roll a pair of fair dice. What are the odds against rolling a sum of 10? 

• 1:12
• 1:11
• 12:1
• 11:1

Finding Probability from Odds

Exemplar

The odds in favor of receiving a gift are 5:16. Find the probability of Henry receiving a gift.

Multiple Choice

Ryan is on a game show. He will choose a box to see if he wins a prize. The odds in favor of Ryan winning a prize are 9/2. Find the probability of Ryan winning a prize.

• 9/11

• 11/9

• 2/9

• 2/11

Multiple Choice

You roll a pair of six-sided dice. What are the odds in favor of rolling a sum of 12? 

• 1:36
• 1:35
• 1:18
• 1:12