AutoSave 7C_Activity to turn in Compatibility Mode OFF Home Insert Draw Design Layout References Mailings Review View Share O Comments Arial 12 Aa v AaBbCcDdE AаBЬСcDdE AаBbCcD AаBЬСcDc AaBbCcDdEe AaBbCcDdEe Paste Subtle Emph... Styles Pane A Subtitle Dictate Sensitivity v ab х. Normal No Spacing Heading 1 Title 30/1200 186/1200 0.155 2 537/1200 0.895 3 240/1200 O d.6 4 151/1200 0.503 56/1200 0.233 Expected Value = 2.386 blue M&Ms per pack %3D 3. At the Spring Bazaar Charity Fundraiser, you play a game in which you roll two dice. (All proceeds go to the charity.) The game costs $1 to play. If you roll a sum of 2, you win $4. If you roll a sum greater than 2 and at most 4, you win $1. If you roll a sum of 11, you win $0.50. If you roll a sum of 12, you must donate an additional $1 to the charity. If you roll any other sum, the game is over. Complete the table to find the expected value of this game from the point of view of the Spring Bazaar Fundraising committee. Round all dollar values to two decimal places. Event Value Probability Value x Probability sum of 2 2 < sum <4 2$ $ 2$ $ 2$ $ All Possible Outcomes for Rolling Two Fair Dice 4 1 Expected Value = $ per play 2 1 3 1 5 1 6 1 %3D 1 2 2 2 3 2 4 2 5 2 6 3 6 4 6 5 6 6 2 3 3 3 4 3 5 3 1 4 2 4 3 4 4 4 5 4 25 3 5 4 5 5 5 2 6 3 6 4 6 5 6 Page 2 of 2 432 words English (United States) E3 Focus 130%
Addition Rule of Probability
It simply refers to the likelihood of an event taking place whenever the occurrence of an event is uncertain. The probability of a single event can be calculated by dividing the number of successful trials of that event by the total number of trials.
Expected Value
When a large number of trials are performed for any random variable ‘X’, the predicted result is most likely the mean of all the outcomes for the random variable and it is known as expected value also known as expectation. The expected value, also known as the expectation, is denoted by: E(X).
Probability Distributions
Understanding probability is necessary to know the probability distributions. In statistics, probability is how the uncertainty of an event is measured. This event can be anything. The most common examples include tossing a coin, rolling a die, or choosing a card. Each of these events has multiple possibilities. Every such possibility is measured with the help of probability. To be more precise, the probability is used for calculating the occurrence of events that may or may not happen. Probability does not give sure results. Unless the probability of any event is 1, the different outcomes may or may not happen in real life, regardless of how less or how more their probability is.
Basic Probability
The simple definition of probability it is a chance of the occurrence of an event. It is defined in numerical form and the probability value is between 0 to 1. The probability value 0 indicates that there is no chance of that event occurring and the probability value 1 indicates that the event will occur. Sum of the probability value must be 1. The probability value is never a negative number. If it happens, then recheck the calculation.
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