MATH 109C Western Kentucky University Computed Expected Values Exam Practice

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The table shows claims and their probabilities for an insurance company.
O A. (a) $32,000 (b) $32,000 (c) 32,060
O B. (a) $16,000 (b) $32,000 (C) 32,060
C. (a) $32,000 (b) $16,000 (c) 16,060
OD. (a) $32,000 (b) $16,000 (c) 32,060
k
Amount of Claim
$0
$50,000
$100,000
$150,000
$200,000
$250,000
Probability
0.60
0.25
0.09
0.04
0.01
0.01
Contents
13 of
nch
(a) Calculate the expected value.
(b) How much should the company charge as an average premium so that it
breaks even on its claim costs?
(c) How much should the company charge to make a profit of $60 per policy?
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Math 109c Fall 2020 (1) Emanuel
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An architect is considering bidding for the design of a new shopping mall. The cost of drawing plans and submitting a
model is $10,000. The probability of being awarded the bid is 0.07, and anticipated profits are $100,000, resulting in a
possible gain of this amount minus the $10,000 cost for plans and a model. What is the expected value in this
situation?
O A. $7,000
O B. $6,300
O C. -$3,000
OD. $6,000
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A service that repairs televisions sells maintenance agreements for $9 a year. The average cost for repairing a
television is $30 and 3 in every 100 people who purchase maintenance agreements have televisions that require
repair. Find the service’s expected profit per maintenance agreement.
O A. $8.97
B. $8.70
O c. $8.10
OD. $8.40
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Solve the problem that involves computing expected values in a game of chance.
A game is played using one die. If the die is rolled and shows a 6, the player wins $9. If the die shows any number
other than 6, the player wins nothing. If there is a charge of $1 to play the game, what is the game’s expected value?
Round to the nearest cent.
O A. – $1.00
O B. $0.50
O C. $8.00
OD. – $0.50
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Math 109c Fall 2020 (1) Emanuel
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This Quiz: 20 pts possible
O
Solve the problem that involves computing expected values in a game of chance.
A numbers game run by many state governments allows a player to select a three-digit number from 000 to 999.
There are 1000 such numbers. A bet of $16 is placed on a number. If the number is selected, the player wins $1,600.
If any other number is selected, the player wins nothing. Find the expected value for the game.
A. – $1.60
O B. – $14.40
O c. $14.40
OD. $1.60
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