Question 442227
A person spins the pointer and is awarded the amount indicated by the pointer. Circle with the left half $2.00 and the upper right half of the circle is $10.00 and the lower right half is $15.00. The pointer is in the upper left half of the circle. There are only 3 spaces on the circle.  
It costs $ 10 to play the game. Determine: 
The expectation of a person who plays the game.
Random "gain" to the player given that it costs $10 to pay: -8 ; 0 ; 5 
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Corresponding probabilities for these "gains": (1/2) ; (1/4) ; (1/4)
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Expected "gain" to player = (1/2)(-8)+ (1/4)*0 +(1/4)*5 = -4+1.25 = -2.75
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The fair price to play the game.
fp = 10.00-2.75 = $7.75
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Cheers,
Stan H.