Expected Value Worksheet
A Grade 11 math worksheet focused on understanding and calculating expected value in various probability scenarios.
Includes
Standards
Expected Value Worksheet
Name:
Date:
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Read each question carefully and calculate the expected value. Show all your work.
1. A game involves rolling a fair six-sided die. If you roll a 6, you win $10. If you roll a 5, you win $5. For any other number, you lose $3. What is the expected value of playing this game?
$0.50
$1.00
-$0.50
$2.00
2. A spinner has three equally likely outcomes: winning $50, winning $20, or losing $30. What is the expected value of playing this game?
3. If the expected value of a game is negative, it means that, on average, a player can expect to money over many trials.
4. The formula for expected value is the sum of each outcome multiplied by its corresponding .
5. A fair game is one where the expected value is exactly zero.
True
False
6. A charity is selling raffle tickets for $5 each. There are 500 tickets sold. The prizes are one $500 gift card, five $50 gift cards, and ten $20 gift cards. What is the expected value of buying one raffle ticket?
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