Bus Math DTP 9/16

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?

• yes

• no

Tags

CCSS.HSS.CP.A.1

CCSS.HSS.CP.B.7

CCSS.HSS.MD.B.6

CCSS.HSS.MD.B.7

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

• 14
• 4.67
• 5
• 7.5

Tags

CCSS.HSS.MD.A.2

CCSS.HSS.MD.A.3

CCSS.HSS.MD.B.5

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.B.5

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

What do you need to determine before you can calculate expected value?