Math Problem Statement

5.4 Expected Value.pdf

224.52 KB

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:

  1. 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.
  2. 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.
  3. 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?

Ask a new question for Free

By Image

Drop file here or Click Here to upload

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