document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=467395>Question 467395</A>: <I><SPAN STYLE=\"word-break: break-all;\"> A person spins the pointer on a wheel and is awarded the amount indicated by the pointer. 1/2 of wheel is worth $2.00, 1/4 of wheel is worth $10.00, and 1/4 of wheel is worth $15.00 <BR>\n" );
document.write( "It costs $8 to play the game. <BR>\n" );
document.write( "Determine: The expectation of a person who plays the game.<BR>\n" );
document.write( "The fair price to play the game.<BR>\n" );
document.write( "Show your work for full credit.<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #320683 by </B><A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><B>jim_thompson5910(35256)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=jim_thompson5910><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=320683\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Expectation = (1/2)*(2)+(1/4)*(10)+(1/4)*(15) - 8 = 7.25-8 = -0.75\r<BR>\n" );
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document.write( "This means that you expect to lose about 75 cents per game\r<BR>\n" );
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document.write( "Determining Fair price:\r<BR>\n" );
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document.write( "Let x = price to play game\r<BR>\n" );
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document.write( "Fair price means expectation = 0\r<BR>\n" );
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document.write( "Expectation = (1/2)*(2)+(1/4)*(10)+(1/4)*(15) - x = 0\r<BR>\n" );
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document.write( "7.25 - x = 0\r<BR>\n" );
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document.write( "x = 7.25\r<BR>\n" );
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document.write( "Fair price = 7.25 dollars </SPAN>\n" );
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