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Expected Value

Total questions: 8

Worksheet time: 4mins

Name
Class
Date
1.

You roll a standard die. You win $12 if you roll a six, $6 if you roll a one, and $0 if you roll anything else. What is the expected value of a single roll?

a)

$3

b)

$18

c)

$9

d)

$2

2.

You spin each spinner once. You get $50 if you spin a 2 and a vowel. You get $25 if you spin a 2 and a consonant. You get $5 if you spin a 1 and a vowel. Everything else earns $0. What is the expected value of this game?

a)

$80

b)

$8.75

c)

$10.25

d)

$12.50

3.

You roll two fair dice. If they land with a sum of 7, you get $10. If they land with a sum of 6 or 8, you get $5. Everything else earns $0. Which of the following would be the most reasonable amount to pay to play this game?

a)

$2

b)

$5

c)

$8

d)

$10

4.

Your business is looking into looking into three contracting firms. Based on previous research, there is a 75% chance that company 1 will earn you $40,000. There is a 45% chance that company 2 will earn you $60,000. Company 3 has a 30% chance of earning you $80,000. It costs $20,000 to draw up legal paperwork for each company. How much profit or loss would you expect after this deal is done?

a)

$81,000 profit

b)

$81,000 loss

c)

$21,000 profit

d)

$21,000 loss

5.

Tianna works at a call center. Between 12 PM and 4 PM only 5% of her attempted calls pick up. Between 4 PM and 8 PM, 15% of her attempted calls pick up. If she expects to make 80 calls between 12 PM and 4 PM and 120 calls between 4 PM and 8 PM, how many total pick ups can she expect during her entire shift?

a)

Around 5

b)

Around 15

c)

Around 20

d)

Around 50

6.

Your friend shuffles a standard deck of cards and says to pick one. If you pick a face card (Jack, Queen, King of each suit) your friend will give you $10. If you pick anything else, you owe your friend $5. How much should you expect to win or lose by playing this game?

a)

Lose $6.15

b)

Win $6.15

c)

Lose $1.50

d)

Win $1.50

7.

Two new movies are being released. According to market research, the first movie has an 85% chance of making $32,000,000. The second movie has a 33% chance of making $120,000,000. What is the expected earnings for these two movies?

a)

Around $15 million

b)

Around $20 million

c)

Around $30 million

d)

Around $60 million

8.

You are going to pick a marble from the container, put it back, and take another. If you get two yellow, you win $200. If you get one yellow on either pick, you get $50. If you pick two red, you get $100. Anything else earns $0. What is the expected value of this game?

a)

$60

b)

$33.33

c)

$44.33

d)

$20