Download presentation

Presentation is loading. Please wait.

Published byBrendan Wartell Modified over 4 years ago

1
At a particular carnival, there is a dice game that costs $5 to play. -If the die lands on an odd number, you lose. -If the die lands on a 2 or 4, you win $8. -If the die lands on 6, you win $14.

2
$5 How much money did you win/get back? - I did not get any of the money back How much did you pay? Did you walk away with more or less $? - I walk away losing $5

3
$5 How much money did you win/get back? - I got back $8 How much did you pay? Did you walk away with more or less $? - I walk away with $3 more than I started

4
$5 How much money did you win/get back? - I got back $13 How much did you pay? Did you walk away with more or less $? - I walk away with $8 more than I started

5
The overall amount you walk away with (positive or negative) is called the: I walk away with $8 more than I started?

6
There is a game at the fair where you pay $10 to flip a Coin once -If the coin lands heads up, you lose. -If the coin lands tails up, you win $19

7
$10 How much money did you win/get back? - I did not get any of the money back How much did you pay? Did you walk away with more or less $? - I walk away losing $10

8
$10 How much money did you win/get back? - I got back $19 How much did you pay? Did you walk away with more or less $? - I walk away with $9 more than I started

9
If you lose, the net gain = -10

10
If you win, the net gain = 9

11
Have you ever wondered…….. When playing a game, your chances May seem good, but do you think That the odds are in your favor?

12
Anything deal with chance such Such as a casino or lottery…. What does a business have to do to In order to be successful?

13
Therefore…. At the end of the day, the business Will have a positive net gain and the players will have an overall Negative net gain

14
Back to our dice example….. At a particular carnival, there is a dice game that costs $5 to play. -If the die lands on an odd number, you lose. -If the die lands on a 2 or 4, you win $8. -If the die lands on 6, you win $13.

15
What could be your possible winnings? At a particular carnival, there is a dice game that costs $5 to play. -If the die lands on an odd number, you lose. -If the die lands on a 2 or 4, you win $8. -If the die lands on 6, you win $13.

16
Winnings LoseWin $8 Win $13 Net Gain-5 3 8 P(X) 3/62/6 1/6 Mean = -5 (3/6) + 3 (2/6) + 8 (1/6) Mean = -2.5 + 1 + 1.33 Mean = -0.2

17
Therefore, each time I play the dice game I am Expected to lose $0.20 on average. Does this seem correct that I expect to lose? Yes, because that means the business is making $

18
There is a game at the fair where you pay $10 to flip a Coin once -If the coin lands heads up, you lose. -If the coin lands tails up, you win $19 Winnings LoseWin $8 Net Gain-10 9 P(X) 1/2 E(X) = -10 (1/2) + 9 (1/2) E(X) = -5 + 4.5 = -0.5

19
Find the expected value if tickets are sold in a raffle at $2 each. The prize is a $1000 shopping spree at a local Mall. Assume that one ticket is purchased. Winnings LoseWin Net Gain-2 998 P(X) 1499 1500 E(X) = -2(1499/1500)+ 998(1/1500) E(X) = -1.999 + 0.665 = -1.33 _1__ 1500

20
Find the expected value for example #1 if two tickets Are purchased Winnings LoseWin Net Gain-4 996 P(X) 1498 1500 E(X) = -4(1498/1500)+ 996(2/1500) E(X) = -3.995 + 1.328 = -2.67 _2__ 1500

21
A lottery offers one $1000 prize, one $500 prize, and Five $100 prizes. One thousand tickets are sold at $3 each. Find the expected value of one ticket. Winnings LoseWin $1000 Net Gain-3 997 P(X) 993_ 1000 E(X) = -3(993/1000)+ 997(1/1000) + 497(1/1000) + 97(5/1000) E(X) = -2.979 + 0.997 + 0.497 + 0.485 = -1.00 _1__ 1000 Win $500 497 _1__ 1000 Win $100 97 _5__ 1000

22
One thousand tickets were sold at $1 each for four Prizes of $100, $50, $25, and $10. What is the Expected value if a person purchases two tickets? Winnings LoseWin $100 Net Gain-2 98 P(X) 992_ 1000 E(X) = -1.63 _2__ 1000 Win $50 48 _2__ 1000 Win $25 23 _2__ 1000 Win $10 8 _2__ 1000

23
You pay $5 to draw a card from a standard deck of 52 Cards. If you pick a red card, you win nothing. If you Get a spade, you win $5. If you get a club, you win $10. If you get the ace of clubs, you win an additional $20. Find the expected value of drawing one card. Winnings RedSpade Net Gain-5 0 P(X) 26 52 E(X) = -0.87 13 52 Club 5 12 52 Ace of Clubs 25 1_ 52

Similar presentations

OK

8.7 Probability. Ex 1 Find the sample space for each of the following. One coin is tossed. Two coins are tossed. Three coins are tossed.

8.7 Probability. Ex 1 Find the sample space for each of the following. One coin is tossed. Two coins are tossed. Three coins are tossed.

© 2018 SlidePlayer.com Inc.

All rights reserved.

To make this website work, we log user data and share it with processors. To use this website, you must agree to our Privacy Policy, including cookie policy.

Ads by Google