expected values and percentages in probability. 3 different questions. All in the pics below. Thank you so much!!!
A bag contains 3 gold marbles, 10 silver marbles, and 21 black marbles. Someone offers to play this game: You randomly select one marble from the bag. If it is gold, you win $4. If it is silver, you win $2. If it is
black, you lose $1.
What is your Expected Value if you play this game?
S
Round your answer to the nearest cent.
The PTO is selling raffle tickets to raise money for classroom supplies. A raffle ticket costs $4. There is 1 winning ticket out of the 280 tickets sold. The winner gets a prize worth $60. Round your answers to the
nearest cent.
What is the expected value to you) of one raffle ticket? $
Calculate the expected value to you) if you purchase 10 raffle tickets. $
What is the expected value to the PTO) of one raffle ticket? $
If the PTO sells all 280 raffle tickets, how much money can they expect to raise for the classroom supplies? S
A company estimates that 0.6% of their products will fail after the original warranty period but within 2 years of the purchase, with a replacement cost of $100.
If they offer a 2 year extended warranty for $7, what is the company’s expected value of each warranty sold?
S
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