anonymous
  • anonymous
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
Mathematics
chestercat
  • chestercat
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anonymous
  • anonymous
1 Attachment
anonymous
  • anonymous
messed that all up let me try again
anonymous
  • anonymous
and do it correctly. you pay $6 and you can win 2, 8 or 12 so your actual winnings are -4, 2 or 6

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anonymous
  • anonymous
multiply what you win by the probablity you win it and get \[-4\times \frac{1}{2}+2\times\frac{1}{4}+6\times \frac{1}{4}=0\]
anonymous
  • anonymous
because your expectation is zero, the game is fair

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