QuickHelper

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Teaching Since: May 2017
Last Sign in: 352 Weeks Ago, 5 Days Ago
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  • MBA, PHD
    Phoniex
    Jul-2007 - Jun-2012

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    ChevronTexaco Corporation
    Feb-2009 - Nov-2016

Category > Math Posted 14 Sep 2017 My Price 15.00

expected value earning

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 Number Probability
1 0.371
2 0.246
3 0.205
4 0.178
[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?
  Yes
  No
5.  About how much should you expect to win (or lose) if you played 100 times? 

 (Round to the nearest dollar.)

Answers

QuickHelper
(10)
Status NEW Posted 14 Sep 2017 03:09 PM My Price 15.00

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