Schwartz Paul
04/15/2024 · High School
Assume that a person spins the pointer and is awarded the amount indicated by the pointer. If it costs \( \$ 3 \) to play the game, determine a) the expectation of a person who plays the game. b) the fair price to play the game. a) The expectation is \( \$ \square \). (Type an integer or a decimal rounded to the nearest cent.) b) The fair price is \( \$ \square \). (Type an integer or a decimal rounded to the nearest cent.)
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a) The expectation of a person who plays the game is calculated by finding the expected value of the winnings and subtracting the cost of playing. The fair price to play the game is the expected value of the winnings.
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