expected value earning

timer Asked: Mar 5th, 2016

Question description

You and some of your friends decide to visit the Eastern Idaho state fair. One of your friends comes to you and says that he wants you to play this new game he found. He says he just played it and won $10 after playing 3 times. 

Here are the game rules:
You just pay $3.00 to start the game and spin a big spinner. Whichever number it lands on, you get that much money back. The spinner has four sections labeled 1, 2, 3 and 4 each is a different size. See the picture below of what the spinner looks like.

You just finished taking FDMAT108 and remember learning about the expected value. You quickly calculate the expected value before you decide whether you will play or not. You find the probabilities of landing on each number and record them in a nice little table seen below. 
Spinners Rules
Spinning Probabilities
Land on NumberProbability
[img src="https://content.byui.edu/items/f02b6476-e711-4e7d-b26f-8d007a6b9849/1/7C_Spinner.png?.vi=fancy" width="150">

What would your expected earnings on average be per game? 

4. Should you expect to get the "expected value" in the first game?
5. About how much should you expect to win (or lose) if you played 100 times? 

 (Round to the nearest dollar.)

Tutor Answer

(Top Tutor) Studypool Tutor
School: Carnegie Mellon University
Studypool has helped 1,244,100 students
flag Report DMCA
Similar Questions
Hot Questions
Related Tags

Brown University

1271 Tutors

California Institute of Technology

2131 Tutors

Carnegie Mellon University

982 Tutors

Columbia University

1256 Tutors

Dartmouth University

2113 Tutors

Emory University

2279 Tutors

Harvard University

599 Tutors

Massachusetts Institute of Technology

2319 Tutors

New York University

1645 Tutors

Notre Dam University

1911 Tutors

Oklahoma University

2122 Tutors

Pennsylvania State University

932 Tutors

Princeton University

1211 Tutors

Stanford University

983 Tutors

University of California

1282 Tutors

Oxford University

123 Tutors

Yale University

2325 Tutors