Expected Value and Probability in Betting

Expected Value and Probability in Betting

Assessment

Interactive Video

Mathematics

8th - 12th Grade

Hard

CCSS
HSS.MD.B.5B, HSS.MD.A.2, HSS.MD.B.6

+3

Standards-aligned

Created by

Emma Peterson

FREE Resource

Standards-aligned

CCSS.HSS.MD.B.5B
,
CCSS.HSS.MD.A.2
,
CCSS.HSS.MD.B.6
CCSS.HSS.MD.B.5A
,
CCSS.7.SP.C.6
,
CCSS.HSS.MD.B.7
,
The video tutorial discusses a fishing scenario where two friends, you and Jeremy, make bets on catching sunfish. Two bets are offered: Bet one involves Jeremy catching three sunfish in a row, and bet two involves you catching at least two sunfish out of three. The video explains how to calculate the expected value for each bet, showing that bet two has a higher expected payoff. The tutorial concludes by recommending taking bet two to maximize expected value.

Read more

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the total number of fish in the pond?

40

30

20

10

Tags

CCSS.HSS.MD.A.2

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In Bet 1, how much do you pay Jeremy if he catches three sunfish?

$25

$100

$50

$20

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the probability of Jeremy catching three sunfish in a row?

1/4

1/2

1/8

1/16

Tags

CCSS.HSS.MD.B.5A

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the expected profit from Bet 1?

$5

$15

$10

$20

Tags

CCSS.HSS.MD.B.6

CCSS.HSS.MD.B.7

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In Bet 2, how much do you pay Jeremy if you catch less than two sunfish?

$25

$50

$75

$100

Tags

CCSS.HSS.MD.B.6

CCSS.HSS.MD.B.7

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the probability of catching at least two sunfish in Bet 2?

1/2

1

3/4

1/4

Tags

CCSS.HSS.MD.A.2

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the expected profit from Bet 2?

$15.50

$12.50

$10.50

$20.50

Tags

CCSS.HSS.MD.B.5B

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