Expected Value Test Review

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

• 85

• 83.2

• 87.1

• 84.4

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.A.4

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)?

• $800

• -$6.50

• -$6

• -$5.20

Tags

CCSS.7.EE.B.3

Choose an American household at random. What is the expected number of cars for that household?

• 1.75
• 1.84
• 2.00
• 2.50

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? HINT: A Probability table may be helpful.

• 2.00
• 2.13
• 1.97
• 1.27

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.B.5

A game consists of 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 pays $2.00. A roll of blue pays $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.B.5A

There is an equally likely choice that a falling beanbag will land anywhere on the rug below. The following system is used to find the number of points the player wins. What is the expected value for the number of points won?

Black (6 squares) = 40 point

Gray (6 squares) = 20 point

White (3 squares) = 0 points

• 24 points

• 18 points

• 36 points

• 10 points

Answer explanation

Tags

CCSS.HSS.MD.A.2

A company believes it has a 40% change of being successful in bidding a contract that yields a profit of $30,000. Assume it costs $5,000 in consultation fees to prepare the bid. What is the expected gain or loss for the company if it

decides to bid on the contract?

• Expected gain of $9,000

• Expected loss of $9,000

• Expected gain of $25,000

• Expected loss of $25,000

Answer explanation

The key word here is "profit". Profit means you've already subtracted out your loss and the $30000 is exactly what you would earn if you get it. The $5000 is only lost if they lose the bid.

Tags

CCSS.HSS.MD.B.5A

A game consists of rolling a colored die with three red sides, two green sides, and one blue side. A roll of a red loses. A roll of a blue pays $5.00. A roll of a green pays $2.00. The charge to play the game is $2.00. Would you play the game? Why or why not?

• No, you expect to lose $0.50

• Yes, you expect to win $0.50

Answer explanation

Tags

CCSS.HSS.MD.B.5A

A mysterious card-playing squirrel (pictured) offers you the opportunity to join in his game.

The rules are:

- To play you must pay him $2

- If you pick a spade from a shuffled deck, you win $9.

Find the expected value you win (or lose) per game.

• Win $0.25

• Win $2.25

• Lose $0.25

• Lose $2.25

Answer explanation

Tags

CCSS.HSS.MD.B.5A

A $20 bill, two $10 bills, three $5 bills and four $1 bills are placed in a bag. If a bill is chosen at random, what is the expected value for the amount you will win when you chose one bill from the bag?

• $5.90

• $9.00

• $7.50

• $10.00

Answer explanation

Tags

CCSS.HSS.MD.B.5A