Expected Value
Flashcard
•
Mathematics
•
11th Grade - University
•
Hard
+2
Standards-aligned
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15 questions
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1.
FLASHCARD QUESTION
Front
What is Expected Value?
Back
Expected Value (EV) is a calculated average of all possible outcomes of a random variable, weighted by their probabilities. It represents the long-term average if the experiment were repeated many times.
Tags
CCSS.HSS.MD.A.2
2.
FLASHCARD QUESTION
Front
How do you calculate Expected Value?
Back
To calculate Expected Value, multiply each possible outcome by its probability and sum all these products. Formula: EV = Σ (Outcome × Probability).
Tags
CCSS.HSS.MD.A.2
3.
FLASHCARD QUESTION
Front
What is the Expected Value of rolling a die where you win $12 for a six, $6 for a one, and $0 for any other number?
Back
$3
Tags
CCSS.HSS.MD.B.5A
4.
FLASHCARD QUESTION
Front
In a game where you win $200 for two yellow marbles, $50 for one yellow, and $100 for two red, how do you find the Expected Value?
Back
Calculate the probability of each outcome, multiply by the winnings, and sum them up. The Expected Value is $20.
Tags
CCSS.HSS.MD.B.5A
5.
FLASHCARD QUESTION
Front
What is the probability of picking a face card from a standard deck of cards?
Back
There are 12 face cards in a deck of 52 cards, so the probability is 12/52 or 3/13.
Tags
CCSS.7.SP.C.7B
6.
FLASHCARD QUESTION
Front
If you lose $5 for picking a non-face card and win $10 for a face card, what is the Expected Value of this game?
Back
The Expected Value is -$1.50.
Tags
CCSS.HSS.MD.B.5A
7.
FLASHCARD QUESTION
Front
What is the Expected Value of rolling two dice and winning $10 for a sum of 7, $5 for a sum of 6 or 8, and $0 otherwise?
Back
The most reasonable amount to pay to play this game is $2.
Tags
CCSS.HSS.MD.B.5A
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