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S-MD.7 Warmup M3-055-A03-V03

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

Find the net expected value by weighting outcomes and then including a fixed cost

Problem

What is the net expected value after including the fixed cost: a lottery ticket costs \(\$2\) and expected prize payout is \(\$0.75\)?

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Four variants of this problem type
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 net expected value by weighting outcomes and then including a fixed cost