Expected Value

Question 1

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?

Revolt · Accepted Answer

0.4

Question 2

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

Revolt · Accepted Answer

E(X) = 0

Question 3

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?

Revolt · Accepted Answer

95 (StartFraction 1 Over 500 EndFraction) + (negative 5) (StartFraction 499 Over 500 EndFraction) = E (X)

Question 4

best

Revolt · Accepted Answer

company B

Question 5

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?

Revolt · Accepted Answer

$2,600

Question 6

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?

Revolt · Accepted Answer

90.8

Question 7

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?

Revolt · Accepted Answer

profit of $2.90

Question 8

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?

Revolt · Accepted Answer

Negative one-sixth

Question 9

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 $

Revolt · Accepted Answer

2.90

Question 10

Penny Points

Revolt · Accepted Answer

E(penny) = 1.75 and E(nickel) = 1.5, so she should play with the pennies.

Expected Value Answers

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