What is the expected value of randomly guessing

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Many standardized exams have a penalty for guessing built into scoring. In other words, scorers do not want students to be able to gain points by random guessing. Suppose for example, students taking a certain standardized exam get a point for answering a multiple-choice problem correctly, and one-third of a point is subtracted if they answer incorrectly. If there are four possible choices, what is the expected value of randomly guessing answers?

Reference no: EM132286161

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