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Northern Star Online Expected Values and Word Problems Questions Response

Northern Star Online Expected Values and Word Problems Questions Response

Question Description

Answer questions 1 – 3. Do not need to show work.

1. One of the students in this class has created a game and would like for you to play. You have calculated that you will lose the game 45% of the time. At the same time you know that 30% of players will be paid $1 while 20% of players will be paid $2. It is calculated that all other players will receive the $100 prize. What is the expected value for this game? (Enter your solution as a decimal without using the dollar sign).

2. A bag contains 7 yellow Skittles and 3 red Skittles. A second bag contains 3 two-dollar bills and 2 fifty-dollar bill. You are instructed to reach into the first bag to draw one Skittle. If the Skittle is red, you may draw two bills from the second bag. If the Skittle is yellow, you may draw one bill from the second bag. What is the expected value for this game? (enter your answer as a decimal without using the dollar sign)

3. Another game involved drawing one card from a standard deck of cards. If you draw a red face card you earn $5. If you draw a black card you are paid $1. If you draw a red ace you will need to draw a second card from the deck (without replacing the first card). If your second card is red you win $80, if it is black you are paid nothing. All other outcomes earn nothing. What is the expected value for this game? (do not round decimals until you get to the final answer … then enter your answer rounded to the nearest penny – do not use the dollar symbol)