Probability
UK Secondary (7-11)
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Expectation and Fair Value

Interactive practice questions

What is the expected value of an experiment ?

The sum of the probabilities of all the possible events in an experiment.

A

The sum of all the amounts gained and lost from each possible event occurring in an experiment.

B

The expected gain or loss of an experiment over the long run.

C

The sum of the probabilities of all the possible events in an experiment.

A

The sum of all the amounts gained and lost from each possible event occurring in an experiment.

B

The expected gain or loss of an experiment over the long run.

C
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Complete the following sentences.

The expected value of a game is $-£3.50$£3.50 and the cost to play the game is $£10.00$£10.00.

What is the fair price to play the game?

The expected value of a game is $-£4.00$£4.00 and the cost to play the game is $£5.00$£5.00.

What is the fair price to play the game?

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