At a raffle, 250 tickets are sold at $1 each for 3 prizes of $100, $50, and $10. You buy 1 ticket. What is the expected value of your gain? Should you play this game?
1. Explain HOW to determine the expected value. (one paragraph)
2. Interpret the meaning of the expected value for this scenario. (one paragraph)
Scoring Rubric:
CATEGORY 4 3 2 1
Completion All problems are completed. All but one of the problems are completed. All but two of the problems are completed. Several of the problems are not completed.
Mathematical Errors 90-100% of the steps and solutions have no mathematical errors. Almost all (85-89%) of the steps and solutions have no mathematical errors. Most (75-84%) of the steps and solutions have no mathematical errors. More than 75% of the steps and solutions have mathematical errors.
Mathematical Concepts Explanation shows complete understanding of the mathematical concepts used to solve the problem(s). Correct terminology and notation are always used, making it easy to understand what was done. Explanation shows substantial understanding of the mathematical concepts used to solve the problem(s). Correct terminology and notation are usually used, making it fairly easy to understand what was done. Explanation shows some understanding of the mathematical concepts needed to solve the problem(s). Correct terminology and notation are used, but it is sometimes not easy to understand what was done. Explanation shows very limited understanding of the underlying concepts needed to solve the problem(s). There is little use, or a lot of inappropriate use, of terminology and notation.