Expected Value Answers

Which statement below correctly depicts the expected value of a fair game?

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A trucking company operates in three regions of the country. The table below depicts the probability that each company truck is in the region and the fuel prices per gallon. What amount should the company budget on average for a gallon of fuel across its operations? Round your answer to the nearest cent.Probability and Fuel Cost by RegionRegionProbability in RegionFuel Cost per GallonSoutheast20%$3.10Southwest30%$3.50California50%$4.05

Johnny is challenged to a single-player game with an expected value of 1. Which statement below is true?

A cafeteria purchases milk from one of three providers each week, depending on what other items need to be purchased. The probability of shopping at each store and the cost of one gallon of milk are shown in the table below. Probability and Milk Cost by StoreStoreProbability Milk Cost per GallonA30%$3.00B10%$3.50C60%$2.75The cafeteria should budget $

A math club is researching a golf tournament fund-raiser. It will cost $1,000 to host the tournament. If it rains, the club will lose the investment. If it is sunny, it is expected that the club will collect $4,500 from the participants. If the chance of rain is 20%, what is the expected value for the tournament?

Two black chips and three red chips are put into a bag. Two points are awarded for each black chip drawn, and one point is lost for each red chip drawn. What is the expected value for each round if there are two draws per round and the chips are replaced after each draw?

Joe takes part in math competitions. A particular contest consists of 25 multiple-choice questions, and each question has 5 possible answers. It awards 6 points for each correct answer, 1.5 points for each answer left blank, and 0 points for incorrect answers. Joe is sure of 12 of his answers. He ruled out 2 choices before guessing on 4 of the other questions and randomly guessed on the 9 remaining problems. What is his expected score?

A charity is holding a raffle to raise money. There is one car worth $30,000 and five $100 gift cards being raffled off. Each ticket costs $20, and there are a total of 5,000 tickets being sold. Which equation correctly depicts the calculation of the expected value for a ticket?

A company makes a $5 profit on each non-faulty product it sells. Approximately 2% of the products manufactured are faulty, with no way to discover which ones are faulty before delivery. If replacement-and-repair costs for the faulty products are $100 each, what is the profit per item?