SOLUTION: Need help with this one today guys...like as soon as possible A person spins the ponter and is awarded the amount indicated by the pointer $2,$10,$15 and it cost $8 to play the ga

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Question 464654: Need help with this one today guys...like as soon as possible
A person spins the ponter and is awarded the amount indicated by the pointer $2,$10,$15 and it cost $8 to play the game.... determine the expectaion of a person who plays the game and the fair price to play the game show your work step by step for full credit... the spinner is as follows
there are 3 parts 1/2 on the left hand side is blue in side is $2, on the right hand side the top conner is is green and it is $10 and the bottom right hand conner is $15 its yellow please help me solve asap...thanks
Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website!
A person spins the ponter and is awarded the amount indicated by the pointer $2,$10,$15 and it cost $8 to play the game.... determine the expectaion of a person who plays the game and the fair price to play the game show your work step by step for full credit... the spinner is as follows
there are 3 parts 1/2 on the left hand side is blue in side is $2, on the right hand side the top conner is is green and it is $10 and the bottom right hand conner is $15 its yellow
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Note: Your description of the spinner indicates there is
no way to lose. Is that correct?
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E(x) = 2(1/2) + 10(1/4) + 15(1/4) + 0(-8)
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E(x) = 1 + 2.5 + 3.75 + 0
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E(x) = $7.25
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Fair Price: You should pay $7.25 to play the game.
But the truth is you cannot lose with the spinner
you have described.
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Cheers,
Stan H.