Question16/25
Name a situation in real life that you could use expected value on.
placing bets
sports
carnival games
all of the above
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Kirsten
J
Studdy Solution
STEP 1
What is this asking? We need to simplify the fraction and give a real-life example of using expected value. Watch out! Don't forget to think about different contexts where probability and value combine!
STEP 2
1. Simplify the Fraction
2. Expected Value Example
STEP 3
Let's see if 16 and 25 share any common factors.
Factors of **16** are 1, 2, 4, 8, and 16.
Factors of **25** are 1, 5, and 25.
The only common factor is **1**, which means the fraction is already in its **simplest form**!
STEP 4
We can also express as a decimal.
To do this, we **divide** 16 by 25:
STEP 5
Expected value combines the **probability** of something happening with the **value** associated with that outcome.
Think of it as the average outcome you'd expect if you repeated the situation many times.
STEP 6
Imagine a carnival game where you toss a ring onto a bottle.
It costs to play.
If you win, you get a giant teddy bear worth .
Let's say the **probability** of winning is (or ), and the probability of losing is (or ).
STEP 7
The expected value is calculated as follows: In our example: Notice that the value of losing is **negative** because you spent to play.
STEP 8
An expected value of means that, on average, you'll lose every time you play this game.
The carnival makes money, and you probably walk away empty-handed!
STEP 9
The simplified fraction is or .
A real-life example of expected value is calculating the average win/loss in a carnival game, like the ring toss. "All of the above" is the correct answer to the multiple choice question since placing bets, sports outcomes, and carnival games all involve probability and value.
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