Expected Value Answers

If a raffle has a winning prize of $100 and each ticket costs $5 with a total of 500 tickets sold, which equation would calculate the expected value?

The marketing club at school is opening a student store. They randomly survey 50 students about how much money they spend on lunch each day. What is the expected value for a student to spend on lunch each day? Student Lunch SurveyNumber of StudentsDollars Spent on Lunch Each Day2 $101$812$623$58$44$3

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 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

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?

A business has an opportunity to invest $35,000. If the investment is a success, the business earns a profit of $150,000. Otherwise, the investment will result in a total loss of all monies. If the investment has 0.27 chance of success, which equation correctly models the expected value of this investment?

Harlene tosses two number cubes. If a sum of 8 or 12 comes up, she gets 9 points. If not, she loses 2 points. What is the expected value of the number of points for one roll?

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 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?

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