Expected Value in Probability: Definition & Formula

Instructions:

question 1 of 3

In a certain game, you can win either \$0, \$50, or \$100. The expected value of the game is -\$20. If you play this game many times, how much money can you expect to make per game, on average?

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2. Which of the following expected values means that you will gain money instead of losing money by playing a game numerous times?

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Expected value plays a big role in calculating probability, as the average value one can expect after a large number of rounds of events. This quiz and worksheet will help you test your understanding of these calculations. Some of the quiz questions will test you on the characteristics of an expected value and the application of this calculation in real-world examples.

Quiz & Worksheet Goals

In these assessments, you'll be tested on:

• Performing these calculations in real-world scenarios
• The characteristics of expected values
• The difference between negative and positive expected values
• How to perform these calculations

Skills Practiced

This quiz and worksheet will allow you to test the following skills:

• Reading comprehension - ensure that you draw the pertinent information on expected values from the related lesson
• Making connections - use your understanding of the concept of probability to better grasp expected values
• Problem solving - use acquired knowledge to solve expected value and probability practice problems