Find the Expected Value

question 171

Multiple Choice

Find the expected value.
-Numbers is a game where you bet $1.00 on any three-digit number from 000 to 999. If your number comes up, you get $600.00. If your number doesn't come up, you lose your $1. Find the
Expected net winnings.

• A)-$0.42
• B)-$0.50
• C)-$1.00
• D)-$0.40

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Definitions:

Orphanages

Residential institutions dedicated to the care of children whose parents are deceased or otherwise unable or unwilling to care for them.

Centration

The tendency of young children to focus only on one aspect of an object or situation, a characteristic of preoperational stage of cognitive development.

Egocentrism

A cognitive characteristic where an individual is unable to distinguish between their own perspective and that of others, often observed in early childhood development.

Piagetian Term

Pertains to concepts and terminologies introduced by Jean Piaget in his theory of cognitive development, which outlines how children progress through four stages of cognitive growth.