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Probability and Statistical Reasoning>Calculating Expected Value to Analyze Fairness Payoff and Risk(TEKS.AQR.9-12.4.F) Practice Test
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Q1
At a Texas rodeo ring toss, you pay $5 to play. You win a small plush worth $3 with probability 0.40, a hat worth $8 with probability 0.10, a belt buckle worth $20 with probability 0.02, and otherwise nothing. What is the expected net gain/loss per play?
At a Texas rodeo ring toss, you pay $5 to play. You win a small plush worth $3 with probability 0.40, a hat worth $8 with probability 0.10, a belt buckle worth $20 with probability 0.02, and otherwise nothing. What is the expected net gain/loss per play?