Analyze Decisions using Probability
Videos, lessons, and solutions to help High School students learn how to analyze decisions and strategies using probability concepts (e.g., product testing, medical testing, pulling a hockey goalie at the end of a game).
Common Core: HSS-MD.B.7
Expected value while fishing
Common Core (Statistics & Probability)
Common Core for Mathematics
You and your friend Jeremy are fishing in a pond that contains 10 trout and 10 sunfish. Each time one of you catches a fish, you release back into the water. Jeremy offers you the choice of two different bets.
Bet 1: If the next 3 fish that he catches are all sunfish, you will pay him $100, otherwise he will pay you $20.
Bet 2: If you catch at least 2 sunfish of the next 3 fish that you catch, he will pay you $50, otherwise you will pay him $25.
What is your expected value from Bet 1?
What is your expected value from Bet 2?
Comparing insurance with expected value
Paul has an option between a high deductible or a low deductible insurance plan.
If Paul chooses the low deductible plan, he will have to pay the first $1000 of any medical costs. The low deductible plan costs $8000 per year.
If Paul chooses the high deductible plan, he will have to pay the first $2500 of any medical costs. The low deductible plan costs $8700 per year.
Rotate to landscape screen format on a mobile phone or small tablet to use the Mathway widget which allows your to practice solving Algebra, Trigonometry, Calculus and other math topics.
You can use the Mathway widget below to practice Statistics or other math topics. Try the given examples, or type in your own problem. Then click "Answer" to check your answer.