MATH 221 LAB 09 FA 09

MATH 221 LAB 09 FA 09 - M ATH 221 Student Name Instructor...

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MATH 221 Statistics for Decision Making LAB 9 Student Name Section © Copyright 2009 by P.E.P. Page 1 of 2 Instructor Due Date PROJECT Mathematical Expectation 100 Points _____ your score Objective To investigate the topic of mathematical expectation. PROJECT DESCRIPTION A fair coin is tossed four times. Suppose you win $ 1.00 if 3 tails appear, lose $ 9.00 if 2 tails appear and win $ 5.00 if 0 tails appear. How much should you win or lose if 1 tail or 4 tails appear in order for the game to be fair? Use the Excel Goal Seek feature to determine the answer. Information About this Project If the probabilities of obtaining the amounts a 1 , 2 , . . . , or k are p 1 , 2 , . . . , and , where 1 + 2 + . . . + = 1 , then the mathematical expectation is: E = 1 1 + 2 2 + . . . + k or, in Sigma Notation, = Σ i i In essence, to arrive at a mathematical expectation we merely multiply the given amounts, associated with the various events, times their respective probabilities and then sum these products. Steps To Complete This Project
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MATH 221 LAB 09 FA 09 - M ATH 221 Student Name Instructor...

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