Question 227851: The spinner on a wheel of fortune can land with an equal chance on any one of ten regions. Three regions are red, four are blue, two are yellow and one 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 $3 if it stops on yellow. Find the expected value for this game?
thanks a bunchh
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! The spinner on a wheel of fortune can land with an equal chance on any one of ten regions.
Three regions are red, four are blue, two are yellow and one 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 $3 if it stops on yellow.
Find the expected value for this game?
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Let the random variable, "x", be gain for the player.
Values of x are: 4, 2, -2, -3
Corresponding probabilities are: 0.3 ; 0.1 ; 0.4 ; 0.2
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E(x) = 4*(3/10) + 2*(1/10) + -2*(4/10) + -3*(2/10)
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= [12 + 2 -8 -6]/10
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= 0/10
= $0
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Cheers,
Stan H.
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