Common Core: High School - Statistics and Probability › Expected Payoff for a Game of Chance: CCSS.Math.Content.HSS-MD.B.5a
The Witches' Duel is a game of chance. On each turn, there are four possible outcomes:
You earn 1 point with probability .2, and you lose 1 point with probability .3.
You earn 5 points with probability .35, and you lose 5 points with probability .15.
On average, how many points do you earn on each turn?
A state lottery is holding a million dollar raffle and each ticket has the following odds of being a winner:
Which of the following choices best represents the price where tickets would start costing too much to play and expect to make money over the long run?