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keebler01

A person spins the pointer and is awarded the amount indicated by the pointer. It costs $6 to play the game. Determine: • The expectation of a person who plays the game. • The fair price to play the game. Please see attachment

  • 2 years ago
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  1. keebler01
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    • 2 years ago
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  2. satellite73
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    messed that all up let me try again

    • 2 years ago
  3. satellite73
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    and do it correctly. you pay $6 and you can win 2, 8 or 12 so your actual winnings are -4, 2 or 6

    • 2 years ago
  4. satellite73
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    multiply what you win by the probablity you win it and get \[-4\times \frac{1}{2}+2\times\frac{1}{4}+6\times \frac{1}{4}=0\]

    • 2 years ago
  5. satellite73
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    because your expectation is zero, the game is fair

    • 2 years ago
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