SOLUTION: A spinner on a wheel of fortune can land with an equal probability on any one of 8 regions. Three regions are YELLOW, two regions are GREEN, one region is BLUE, one region is BLACK
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Question 1176082: A spinner on a wheel of fortune can land with an equal probability on any one of 8 regions. Three regions are YELLOW, two regions are GREEN, one region is BLUE, one region is BLACK, and one region is RED.
Outcome Gain or Loss Probability
Yellow +5 3/8
Red +2 1/8
Black +4 1/8
Blue -1 1/8
Green -2 2/8
A player wins $5 if the spinner stops on yellow.
A player wins $2 if the spinner stops on red.
A player wins $4 if the spinner stops on black.
A player loses $1 if the spinner stops on blue.
A player loses $2 if the spinner stops on green.
24. Calculate the expected value.
Straightforward calculation using the definition of expected value; you can do the calculations yourself.
(1) Multiply the value of each outcome (dollars, positive or negative) times the probability of that outcome. Those values are given in convenient table form in the statement of the problem.
(2) Add those results for all the possible outcomes. That is the expected value.
