est consisting of several multiple-choice questions One point is awarded for eac

Question

est consisting of several multiple-choice questions One point is awarded for each correct answer. Questions left blank neither re are eight options for each question and the student is penalized point for each wrong answer is it in the student's best interest to guess? Explain Determine if it is in the best interest of the student to guess and explain your answer using the expected value. Choose the correct answer below (Round to two decimal places as needed.) O A. No, the student should not guess because the expected value is B. oc. The student will have no loss or gain by guessing because the expected value is Yes, the student should guess because the expected value is

Explanation / Answer

For each question, there are 8 options and of which only one is correct.

Probability of choosing the correct answer=(1/8)

Reward for correct answer=1 point

Probability of choosing the wrong answer=(7/8)

Reward for wrong answer=0.2 point

Expected value= (1/8)*1-(7/8)*0.2=-0.05

If he guesses, he is expected to lose 0.05 points on an average. So, answer is A and expected value is -0.05

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