Problem preview

S-MD.7 Warmup M3-055-A01-V04

Analyze decisions and strategies using probability concepts in more complex settings.

Find the expected value by multiplying each outcome by its probability and adding

Problem

What is the expected value of this decision: earn \(8~\text{tickets}\) with probability \(0.25\), earn \(2~\text{tickets}\) with probability \(0.5\), and lose \(4~\text{tickets}\) with probability \(0.25\)?

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0.25+0.5+0.25=1 ticket

8+2-4=6 tickets

0.25(8)+0.5(2)+0.25(4)=4 tickets

0.25(8)+0.5(2)+0.25(-4)=2 tickets

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Curriculum context

Course: Math III
Standard: S-MD.7
Category: Statistics and Probability
Domain: Using Probability to Make Decisions
Objective: Analyze decisions and strategies using probability concepts in more complex settings.
Problem type: Find the expected value by multiplying each outcome by its probability and adding