Calculating Expected Values

Name a situation in real life that you could use expected value on.

• carnival games
• sports
• placing bets
• all of the above

Is your expected value always going to be what happens in real life?

• yes
• no

What do you need to determine before you can calculate expected value?

• number of people playing
• probability of winning 
• name of game
• names of people playing

Once you have probability, what else do you need to know to calculate expected value?

• cost of prize
• type of prize

What is the color of a giraffe's tongue?

• pink
• paisley
• black
• white

If the expected value is negative, are you expected to win?

• yes
• no

If the expected value is positive, are you expected to win?

• yes
• no

Suppose you pay $1.00 to roll a fair die with the understanding you will get $3.00 back rolling a 4 or a 2, and nothing otherwise.  What is the expected amount you win?

• $0.00
• -$1.00
• $1.00
• $3.00

You pick a card from a deck.  If you get a face card, you win $5.  If you get an ace, you win $30 plus an extra $60 for the ace of hearts.  For any other card you win nothing. Find the expected value you will win.

• $5.18
• $3.85
• $4.04
• $4.62

On a spinner, red is 40% of the wheel, yellow is 15% of the wheel, and green is the rest of the wheel. Landing on red wins $23, landing on yellow wins $175 and landing on green loses $50. What is the expected value of the wheel?

• $8.92
• $12.95
• $10.67
• $94.08