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Expected Value and Risk in Context
Worksheet
Grade Level
Pre-Calculus
Pre-CAL.168 Expected Value and Risk in Context
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A game has the following net gain (in dollars) per play: - -5 dollars with probability 0.9 - 50 dollars with probability 0.1 The expected net gain is positive. Which statement is true?
A
The long-run average gain is about $0.50 per play, but most plays lose $5.
B
A positive expected value means you will win money every play.
C
There is a 50% chance of winning $50.
D
The expected value must be one of the outcomes, so it must be -5 or 50.
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