Expected value Quiz

Name: ______________________   Date: __________   Score: ____ / 10

10 questions. Calculator allowed. Show your working. steplyclass.com/probability/expected-value/quiz/

1. 1

   A game: win $10 with probability 15, lose $2 otherwise, expected value
   1. A) E = $0.40
   2. B) E = $0.04
   3. C) E = $4

2. 2

   A game: win $9 with probability 13, lose $3 otherwise, expected value

   Answer: ____________________

3. 3

   Roll a die: win $12 on a 6, lose $2 otherwise, expected value
   1. A) E ≈ $5
   2. B) E ≈ $0.33
   3. C) E ≈ $0.033
   4. D) E ≈ $3.3

4. 4

   A game: win $4 with probability 12, lose $4 otherwise, is it fair

   Answer: ____________________

5. 5

   Roll a die: win $4 on an even number, lose $4 otherwise, is it fair

   Answer: ____________________

6. 6

   A game: win $20 with probability 110, lose $3 otherwise, expected value

   Answer: ____________________

7. 7

   Pay $1 to play, roll a die, win $5 on a 6, is it fair

   Answer: ____________________

8. 8

   A raffle sells 100 tickets at $5, one prize of $200, expected value

   Answer: ____________________

9. 9

   A raffle sells 50 tickets at $4, one prize of $100, expected value

   Answer: ____________________

10. 10

    A game: win $5 with probability 12, win $1 with probability 14, lose $10 otherwise, expected value

    Answer: ____________________