SOLUTION: I need tons of help on this one too..
The spinner on a wheel of fortune can land with an equal chance on any one of ten regions. Three (3) regions are red, four(4) are blue, two
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Question 227876: I need tons of help on this one too..
The spinner on a wheel of fortune can land with an equal chance on any one of ten regions. Three (3) regions are red, four(4) are blue, two (2)are yellow and one(1) is green. A player wins $4 if the spinner stops on red and $2 if it stops on green. The player loses $2 if it stops on blue and loses $3 if it stops on yellow. Find the expected value of this game.
thanks so much!
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
this looks like it addresses your problem Expected Value
In your problem, the probability and the payoffs are as follows:
p(red) = 3/10 = .3
p(blue) = 4/10 = .4
p(yellow) = 2/10 = .2
p(green) = 1/10 = .1
Sum of all probabilities equals 1 which it should.
$4.00 payoff for red * .3 = $1.20
$2.00 payoff for green * .1 = $.20
$2.00 payback for blue * .4 = -$.80
$3.00 payback for yellow * .2 = -$.60
Expected Value would be the sum of these = 1.2 + .2 - .8 - .6 = 1.4 - 1.4 = 0
The spinner can expect to break even in the long run.
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