Suppose you are randomly guessing on a multiple-choice question with 1 question, 5 choices (A, B, C, D, E). If you guess correctly, you gain one point. If you guess incorrectly, you lose 1/2 point. If you leave the question blank, you get 0 points. Part 1) Create a probability distribution for the number of points you gain or lose. Part 2) Calculate and Interpret the Expected Value number of points. Part 3) Based on your answer to part 2, would it be better to guess or to leave it blank? Why?

College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section: Chapter Questions
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Suppose you are randomly guessing on a multiple-choice question with 1 question, 5 choices (A, B, C, D, E). If you guess correctly, you gain one point. If you guess incorrectly, you lose 1/2 point. If you leave the question blank, you get 0 points.

Part 1) Create a probability distribution for the number of points you gain or lose.

Part 2) Calculate and Interpret the Expected Value number of points.

Part 3) Based on your answer to part 2, would it be better to guess or to leave it blank? Why?

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