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9.8 Mathematical Expected Value

9.8 Mathematical Expected Value. Lesson Obj : IWBAT to calculate the expected value of an event. Guiding Question: How can we calculate the expected value of a situation?.

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9.8 Mathematical Expected Value

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  1. 9.8 Mathematical Expected Value Lesson Obj: IWBAT to calculate the expected value of an event

  2. Guiding Question: How can we calculate the expected value of a situation? • Expected Value: Putting a value on an outcome and calculating the value of the whole experiment.(weighted average for an experiment) The probability of any one side of a die is The numbers go from 1-6 those are the values on the experiment. So it will look like this.

  3. General Form Consider this example. P(A) = probability of event a = value of each event. n = number of events • You draw one card from a standard deck of playing cards. If you pick a heart, you will win $10. If you pick a face card, which is not a heart, you win $8. If you pick any other card, you lose $6. Do you want to play? Explain. Guiding Question: How can we calculate the expected value of a situation?

  4. Guiding Question: How can we calculate the expected value of a situation? • At Tucson Raceway Park, your horse, Soon-to-be-Glue, has a probability of 1/20 of coming in first place, a probability of 1/10 of coming in second place, and a probability of ¼ of coming in third place. First place pays $4,500 to the winner, second place $3,500 and third place $1,500. Is it worthwhile to enter the race if it costs $1,000? • You pay $10 to play the following game of chance. There is a bag containing 12 balls, five are red, three are green and the rest are yellow. You are to draw one ball from the bag. You will win $14 if you draw a red ball and you will win $12 is you draw a yellow ball. How much do you expect to win or loss if you play this game 100 times?

  5. Guiding Question: How can we calculate the expected value of a situation? • Assignment: Pg. 436 Q1-Q6, 1-7 odd • Day 2 Pg. 436 2-8 even

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