Expected Value

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

• yes
• no

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.A.4

CCSS.HSS.MD.B.5

Eva flips a coin. If she gets heads, she wins $4. If she gets tails, she loses $3. What is her expected value of a coin flip?

• $1

• $0.50

• -$0.50

• $0

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.B.5

Suppose you buy a ticket for $6 out of a lottery of 1000 tickets where the prize for the one winning ticket is $800. What is the expected value (after paying for the ticket)?

• $800

• -$6.50

• -$6

• -$5.20

Tags

CCSS.8.EE.C.7B

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?

• lose an average of $5.50

• lose an average of $1.50

• win an average of $2.00

• lose an average of $10.00

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.B.5

In a certain community, 30% of households have 1 child, 43% have 2 children, and 27% have 3 children. If a household is selected at random, what is the expected number of children in that household?

• 2.00

• 2.13

• 1.97

• 1.27

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.B.5

You pick a card from a deck. If you get a face card (12/52), you win $5. If you get an ace (4/52), you win $30. For any other card (26/52), you win nothing. Find the expected value you will win.

• $5.00

• $3.55

• $4.04

• $3.46

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.B.5

A game involves rolling a colored die with three red sides, two green sides, and one blue side. A roll of a red loses. A roll of green wins $2.00. A roll of blue wins $5.00.  The charge to play the game is $2.00. What is the expected value

• $0
• -$0.50
• $.67
• $-1.50

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.B.5

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

• yes
• no

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.B.5

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.  What is the expected amount you win?

• $0.00
• -$1.00
• $1.00
• $3.00

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.B.5

Is your expected value always going to be what happens in real life?

• yes
• no

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.B.5