At a little-known vacation spot, taxi fares are a bargain. A 24-mile taxi ride takes 36 minutes and costs $.14.40. You want
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Answer:
The expected value of playing the game is $0.75.
Step-by-step explanation:
The expected value of a random variable is the weighted average of the random variable.
The formula to compute the expected value of a random variable <em>X</em> is:
The random variable <em>X</em> in this case can be defined as the amount won in playing the game.
The probability distribution of <em>X</em> is as follows:
Number on spinner: 1 2 3 4 5 6
Amount earned (<em>X</em>): $1 $4 $7 $10 -$8.75 -$8.75
Probability: 1/6 1/6 1/6 1/6 1/6 1/6
Compute the expected value of <em>X</em> as follows:
Thus, the expected value of playing the game is $0.75.