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16 questions
Eva flips a coin. If she gets heads, she wins $4. If she gets tails, she loses $3. What is her expected value of a coin flip?
$1
$0.50
-$0.50
$0
Suppose you pay $1.00 to roll a fair die with the understanding you will get $3.00 back rolling a 4 or a 2, and nothing otherwise. Is this a fair game?
yes
no
Suppose you buy a ticket for $6 out of a lottery of 1000 tickets where the prize for the one winning is to be $800. How much money do you take home (after paying for it)?
$800
-$6.50
-$6
-$5.20
A small store keeps track of the number X of customers that make a purchase during the first hour that the store is open each day. Based on the records, X has the following probability distribution. What is the average number of customers that the owner can expect to make a purchase in the first hour of opening?
0.2
1.4
2.0
3.0
The following table shows the probability distribution for the number of children in each family in the town of Crossville. What is the average number of children in this town?
1.9
0.3
2.1
3
The world famous gambler from Philadelphia, Señor Rick, proposes the following game of chance. You roll a fair die. If you roll a 1, then Señor Rick pays you $25. If you roll a 2, Señor Rick pays you $5. If you roll a 3, you win nothing. If you roll a 4 or a 5, you must pay Señor Rick $10, and if you roll a 6, you must pay Señor Rick $15. Is Señor Rick proposing a fair game?
No. You win $0.83 in the long run.
Yes, neither of you wins or loses in the long run.
No. You lose $0.83 in the long run.
Yes, the expected value is positive.
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