Statistics

Add a carnival, you play ring toss game 30 times. It's only a dollar to play, and your chances of winning the five dollar prize are advertised at 15%! What are your expected winnings?

  1. 👍 0
  2. 👎 0
  3. 👁 51
  1. Assuming probabilities work evenly for 30 times, then you would have won the $5 prize 30*0.15=4.5 times, with a total value of 4.5*5=$22.5 while paying $30 to play.
    So your expected winning (for one play) is
    22.5/30-$1=0.75-1=-$0.25
    i.e.
    you expect to lose 25 cents each time you play.

    Note: playing 30 times might not give you the expected "winning", but perhaps 30,000 times might come close.

    The mathematical equation for calculating expectations is:
    E[x]=Σpixi
    here
    P(win)=0.15, P(lose)=0.85
    x(win)=5-1=4, P(lose)=-1
    E[x]=0.15*4+0.85(-1)
    =-0.25

    1. 👍 0
    2. 👎 0
    posted by MathMate

Respond to this Question

First Name

Your Response

Similar Questions

  1. Math

    At a carnival you play a ring toss game 30 times. It's a dollar to play and your chances of winning are 15%. What are your expected winnings

    asked by Desddddddff on January 2, 2017
  2. Math

    At the carnival , the ring toss advertises that 3 of every 7 players win a prize. The pop balloon game advertises that 4 of every 9 players win a prize. Which game would you play? Explain

    asked by Deana on October 18, 2015
  3. gaithersburg middle school

    RING TOSS Objective: Toss a ring onto the top of one of the green bottles. Method: You will have 3 chances to toss a ring. You will toss only one ring at a time from a distance of 5 feet. The bottle your ring lands on will be

    asked by ester on June 9, 2016
  4. math

    Max,Owen,Elise, and Cara went to a school carnival. They each played the dart throw,ring toss,water shoot,and basketball throw. Each student won a different game. CLUES:*Max didn't score any points at the dart throw. * Elise

    asked by andrea on April 2, 2013
  5. Probability

    Alfred and Bob toss a coin alternatively, and whoever gets a head first will win. They play many times and whoever loses in the previous play will toss first at the next play. If Eric tosses first at the first play, then what is

    asked by James on February 6, 2015
  6. math

    At a carnival, there is a game where you throw a coin on a colored square. You are given 3 coins and can land on any square more than once. What is the probability of landing on a red square on your first toss, a red square on

    asked by angel on July 23, 2010
  7. algebra

    you are going to the Maryland state fair and would like to play some carnival games with the hopes of winning a prize .your mom said you are allowed to play one game only .your task is to analyze two carnival games and predict the

    asked by ester on June 9, 2016
  8. math

    For a carnival game, a cube is rolled.Each of its six faces has a different color. To win,you must select the color rolled.Find the probability of playing the carnival game twice and winning both times. B.suppose for the game,you

    asked by koko on January 13, 2015
  9. Math 2

    If your playing a game where you have 4 cards and you have to arrange them in to 2 digit numbers so they add up to a number near 100, and then you take the number you got and subtract it from 100, and then you play this game 7

    asked by Andy on February 6, 2017
  10. math

    Suppose you toss a coin and it you win a dollar if it comes up heads. If it comes up tails you toss the coin again. This time you get two dollars if it is heads. If it is tails you toss it again. This time you win four dollars if

    asked by brianne on October 31, 2008

More Similar Questions