Problema Solution
A game show contestant gets one spin of a wheel and has a 50% chance of winning $1, a 25% chance of winning $100, a 15% chance of winning $500,and a 10%chance of winning $1000. Find the expected value of one spin.Be sure to write a sentence explaining your answer.
Answer provided by our tutors
E(x)=1*0.50+100*0.25+500*0.15+1000*0.10
E(x) = $200.5
The expected value of the spin is $200.50.