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You pay $20 to play a game of chance. You will win $80 if you spin...

You pay $20 to play a game of chance. You will win $80 if you spin a “7”, and you will win $30 if you spin an even number. All other outcomes you will make you lose. (Board numbers are from 1-8)

a. Find the expectation of this game.

b. Is it a fair game? Explain.

c. How much must be charged for the game to be fair?

Math   Statistics-And-Probability   
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