A spinner game has a wheel with the numbers 1 through 30 marked in equally spaced slots. You pay $1 to play the game. You pick a number from 1 to 30. If the spinner lands on your number, you win $25. Otherwise, you win nothing. Find the expected net winnings for this game. (Round your answer to two decimal places.)
A game costs $1 to play. A fair 5-sided die is rolled. If you
roll an even number, you win an amount of money equal to the number
rolled. Otherwise, you win nothing. Find the expected net winnings
for this game.
P(winning) = 1/30
P(losing) = 29/30
expected net winning = ΣxP(X) = (1/30)*(25-1)+(29/30*(0-1)= -0.17
there is loss of $0.17 on average
P(each number) = 1/5 =0.20
mean = E[X] = Σx*P(X) = 1.20
expected net winnings for this game = 1.20-1 = 0.20
so, on average there is profit of $0.20 per game
please revert for doubt,,
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