Find the Expected Value

question 37

Multiple Choice

Find the expected value.
-The prizes that can be won in a sweepstakes are listed below together with the chances of winning each one:
$5200 (1 chance in 8900) ; $2500 (1 chance in 6400) ; $900 (1 chance in 3900) ; $100 (1 chance in 2100) .
Find the expected value of the amount won for one entry if the cost of entering is 57 cents.

• A)$100.00
• B)$0.62
• C)$1.21
• D)$0.68

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Definitions:

Indian Cultures

The diverse and rich traditions, beliefs, practices, and social structures of the numerous native peoples of the Indian subcontinent or of Indigenous peoples in the Americas.

Sixteenth Century

The period from the year 1501 to 1600, marked by significant events such as the Renaissance, the Reformation, and the beginning of European colonialism in the Americas.

Mesoamerican Civilizations

Ancient societies that developed in what is now Mexico and Central America before the Spanish conquest, including the Aztecs, Mayans, and Olmecs.

Aztec Civilization

An indigenous civilization that was highly advanced and flourished in central Mexico in the 14th to 16th centuries before being conquered by the Spanish.