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Computing expected value in a game of chance
QUESTION
Scott is playing a game in which he spins a spinner with 6 equal-sized slices numbered 1 through 6. The spinner stops on a numbered slice at random.
This game is this: Scott spins the spinner once. He wins $1 if the spinner stops on the number 1, $3 if the spinner stops on the number 2, $5 if the spinner
stops on the number 3, and $7 if the spinner stops on the number 4. He loses $1.25 if the spinner stops on 5 or 6.
(a) Find the expected value of playing the game.
dollars
(b) What can Scott expect in the long run, after playing the game many times?
Scott can expect to gain money.
He can expect to win dollars per spin.
Start
Scott can expect to lose money.
He can expect to lose dollars per spin.
Scott can expect to break even (neither gain nor lose money).
00 EXPLANATION
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