3.1.3 Exam Question Type 3

These kinds of questions ask you to calculate expected value using probabilities and a bunch of outcomes. Things get further tricky with the use of monetary values where each outcome results in some financial gain or loss.

The following are relevant past exam questions:

(Note: The links will direct you to relevant question in the file on PC only NOT mobile)

2017Q5, 2018Q9, 2016Q29a, 2019Q20, 2010Q26c

Check out the videos below relevant to these questions.

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The past questions above cover most ways expected value questions can be asked. They can be made tricky by combining other question types to make a longer question where calculating expected value is one part of it.