Question 327484: Assume that a person spins a pointer and is awarded an amount based on the following: half of the spinner's area results in winning $8, a quarter of the spinner results in winning $12, and a quarter of the spinner results in winning $1. Determine the person's expectation.
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! Assume that a person spins a pointer and is awarded an amount based on the following: half of the spinner's area results in winning $8, a quarter of the spinner results in winning $12, and a quarter of the spinner results in winning $1. Determine the person's expectation.
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E(x) = (1/2)8 + (1/4)12 + (1/4)1
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= 4+3+(1/4) = $7.25 each time the game is played.
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Cheers,
Stan H.
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