SOLUTION: Can someone please help I have been out of school for 13 years. I need this ASAP for my homework and I am very stuck and not good at math. Please help!!!!!!! A person spins the

Question 442227: Can someone please help I have been out of school for 13 years. I need this ASAP for my homework and I am very stuck and not good at math. Please help!!!!!!!
A person spins the pointer and is awarded the amount indicated by the pointer. Circle with the left half $2.00 and the upper right half of the circle is $10.00 and the lower right half is $15.00. The pointer is in the upper left half of the circle. There are only 3 spaces on the circle.
It costs $ 10 to play the game. Determine:
The expectation of a person who plays the game.
The fair price to play the game.
Show your work for full credit.

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A person spins the pointer and is awarded the amount indicated by the pointer. Circle with the left half $2.00 and the upper right half of the circle is $10.00 and the lower right half is $15.00. The pointer is in the upper left half of the circle. There are only 3 spaces on the circle.
It costs $ 10 to play the game. Determine:
The expectation of a person who plays the game.
Random "gain" to the player given that it costs $10 to pay: -8 ; 0 ; 5
--------------------------------
Corresponding probabilities for these "gains": (1/2) ; (1/4) ; (1/4)
------
Expected "gain" to player = (1/2)(-8)+ (1/4)*0 +(1/4)*5 = -4+1.25 = -2.75
-------
The fair price to play the game.
fp = 10.00-2.75 = $7.75
==============================
Cheers,
Stan H.

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