A fundraising event offered people a chance to pay $3 to go through a corn maze (shown below) in a field in the fall. The maze e
ither led to nothing or a prize of $4 (ie their $3 back and an extra $1). The participants can only move forward and when they come to a fork in the maze they are equally likely to take any one of the paths. What is the expected monetary value for each participant that goes through the maze? -0.33
A fundraising event offered people a chance to pay $3 to go through a corn maze (shown below) in a field in the fall. The maze either led to nothing or a prize of $4 (ie their $3 back and an extra $1). The participants can only move forward and when they come to a fork in the maze they are equally likely to take any one of the paths. What is the expected monetary value for each participant that goes through the maze?
-0.33
Question 2
What is the expected value of the spinner shown?
2.125
Question 3
An insurance company charges a customer $1600 per year for a particular customers auto insurance. The company has predicted that there is a 10% change the person will make a claim on the policy of $5000 (which means the insurance company would lose $3400) and 90% change that they won't make a claim. What can the insurance company on average expect to make on selling this policy?
Subtract the flat rate of 1.75 from the spending limit of 10$ which leaves you with 8.25 then divide the rest of your spending money (8.25$) into your rate per mile (0.65) , so essentially , 8.25 / 0.65 which leaves you with the answer of ; 12 miles.
