Math Problem Statement
5.4 Expected Value.pdf
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Solution
The document contains a series of problems and activities focused on calculating expected values in different scenarios, including games of chance and real-world applications such as insurance.
Let’s address the main tasks from the file:
-
Coin Flip Game:
- Calculate probabilities for each event (number of heads in 3 flips).
- Determine the expected value of the game and analyze winnings/losses over different numbers of games.
-
Six-Sided Dice Game:
- Determine whether the game is fair or unfair.
- Calculate probabilities for each outcome and the expected value.
- Modify the weights to make the game fair or allow "big" winnings while maintaining fairness.
-
Insurance and Risk Analysis:
- Compute expected value for insurance claims and pricing strategies.
- Assess the cost-effectiveness of an AppleCare+ policy based on the likelihood of damages.
Would you like me to compute the expected value for one of these games or provide a detailed solution for any part of the document?
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Math Problem Analysis
Mathematical Concepts
Probability
Expected Value
Combinatorics
Risk Analysis
Formulas
Expected Value formula: E(X) = Σ [P(x) * x]
Theorems
Law of Total Probability
Fair Game Theorem
Suitable Grade Level
Grades 9-12
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