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Probability and Statistics – Expected Value Worksheet - expected value calculator probability

Probability and Statistics – Expected Value Worksheet

1. Find the Expected Value of the spinner assuming you get the amount shown.

|Outcome |Prob. |Payoff |
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2. A dice game involves rolling a die.
If you roll a 2, 4, 5, or 6, you win \$5.
If you roll a 1 or 3, you lose \$5.
|Outcome |Prob. |Payoff |
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Find the expected value you win (or lose) per game.

3. A mysterious card-playing squirrel (pictured) offers you the opportunity to join in his game. The rules are:
• To play you must pay him \$3.

• If you pick a heart from a shuffled pack, you win \$7.
Find the expected value you win (or lose) per game

|Outcome |Prob. |Payoff |
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How do you calculate expected value of probability? read more of a series of random values, we can derive by using the following steps: Firstly, determine the different probable values. ... Next, determine the probability of each of the values mentioned above, denoted by pi. ... Finally, we calculate the expected value of all different probable values, as the sum product of each probable value and corresponding probability as below, Expected value = p 1 * ...