 ## Statistics Lab 1 - Probability, Expected Value

Hi,

Today you will:

1. Survey
Name:
Status:
full-time     part-time
Gender:
male     female
Background:
 African American American Indian Asian American Caucasian Hispanic American International Other:

Math Anxiety:
Enter a number using the scale below:
 0 1 2 3 4 none very little some more than some very high

Computer Projected Notes & Web Copies:
Enter a number using the scale below:
 0 1 2 3 4 really don't like them don't like them don't care do like them really like them

3. Paste A Picture in the Spreadsheet
Right click on the picture below. Copy it. Paste it in the blue area of the spreadsheet using Ctrl + V. 4. Use the self-computing cells to write decimal values for the probabilities 5. Create a 4-column table to compute expected value, much as we used in class. • The first column should be Event.
• The next column should be P(Event).
• The third column should be Amount.
• The fourth column should be titled P(Event) · (Amount) and each cell in the column should be created using a formula which multiplies P(Evnet) time the (Amount).
Use the formula =P(A)*(Amount) in each column.
• The last cell in the last column should compute the sum.
Use the formula =sum(...) where ... is the cells which need to be added.

6. Use the self-computing cells to compute the expected value of the following game. Game:
Draw a piece out of the pot.
If a # is drawn, one wins \$50.
If a 0 is drawn, one wins \$10.
If an X is drawn, one pays \$20.         © A. Azzolino October 6, 2009 www.mathnstuff.com/math/spoken/here/2class/90/fmlab1.htm