Calculating the Payoff of a Game of Chance
Aligned To Common Core Standard:
High School Statistics - HSS-MD.B.5a
What are the Games of Chance? When you think about chances, several games come in mind. The most basic set of games are coin toss and board games, where there is a chance on each turn. By definition, chance games are a set of games which strongly relates to random number generator; which people utilize to bet money for an outcome. Nearly every game in a casino qualifies as a game of chance; such as roulette, video poker and different other table games. However, if you think that poker and blackjack are games of chances, then it is not the case. Games of chance add thrill and risk at times; which most humans love to enjoy. Do you know that our ancestors used knucklebones as dice; which makes it such a massive hit in the contemporary era today. These worksheets help students gauge their odds and weigh the pros/cons of taking part in a game of chance.
Printable Worksheets And Lessons
- Chance of a Cell Phone Step-by-step Lesson- We look at pulling a total chance from three different groups all with their own characteristics.
- Guided Lesson - This scenario hits me every time my car has 100,000 miles on it. "Should I sell it in the paper or just give it to the dealer?"
- Guided Lesson Explanation - These are actually a little overwhelming for kids at first, but they are really quite simple.
- Practice Worksheet - I really wonder where your odds are better: a casino or a carnival?
- Matching Worksheet - These are very realistic problems that I had my professional friends lead me towards creating.
The name of the game is expected number and expected payoff here.
- Homework 1 - In Applewood 30% of families have 2 bicycles, 20% of families have 5 bicycles, 40% of families have 7 bicycles and 10% of families have 1 bicycle. What is the expected number of bicycles in a family?
- Homework 2 - Mathew wants to sell his TV. He spends $50 to advertise the sale of the TV. If the TV sells in 3 months, he earns $200. Otherwise, he loses the listing. If there is a 50% chance that the TV will sell in 3 months, what is the expected payoff?
- Homework 3 - At a carnival, Dolly sees a dice game. A ticket costs $5. The rule is that you win if you roll a sum of 8 or more with 2 die rolls. Winners receive $20. What is the expected payoff?
We are basically trying to determine the law of the land, mathematically.
- Practice 1 - In a school, 20% of the students have 5 lunch boxes, 30% of the students have 7 lunch boxes, 40% of the students have 3 lunch boxes and 10% of the students have 2 lunch boxes. What is the expected number of lunch boxes of a student?
- Practice 2 - Paul wants to sell his car. He spends $200 to advertise the sale of the car. If the car sells in 4 months, he earns $5000. Otherwise, he loses the listing. If there is a 60% chance that the car will sell in 4 months, what is the expected payoff?
- Practice 3 - In a city 50% of families have 5 laptops, 20% of families have 4 laptops, 10% of families have 2 laptops and 20% of families have 3 laptops. What is the expected number of laptops per family?
Math Skill Quizzes
I had to research different types of chance games.
- Quiz 1 - A condominium complex is surveyed and asked their employment status. If they have a job, the will buy an unlimited metro pass that costs $500. If they don’t have a job, they will buy the limited metro pass for $200. The results of the survey indicated that 60% of the people are working and 40% are unemployed. In the complex, what is the expected expense for metro passes?
- Quiz 2 - In a city 50% of families have 5 air conditioners, 20% of families have 4 air conditioners, 10% of families have 2 air conditioners and 20% of families have 3 air conditioners. What is the expected number of air conditioners per family?
- Quiz 3 - At a carnival, Diana sees a balloon shooter game. The ticket cost is $3. The rule is that the person who shoots the 10 balloons from total 30 balloons wins $10. What is the expected payoff for the winner?