At a fair carnival roulette wheel,a player can either win $10,$30,or $80.Assuming that the wheel is fair,what is the expected value of the play?
A)$20
B)$40
C)$60
D)$80

Question

​At a fair carnival roulette wheel,a player can either win $10,$30,or $80.Assuming that the wheel is fair,what is the expected value of the play?
A)​$20
B)$40
C)$60
D)​$80

Quizplus · Accepted Answer

To find the expected value, we multiply the probability of each outcome by the amount won and add them up. Since the wheel is fair, each outcome has an equal probability of 1/3.

Expected value = (1/3) x 10 + (1/3) x 30 + (1/3) x 80
Expected value = $40

​At a Fair Carnival Roulette Wheel,a Player Can Either Win

At a Fair Carnival Roulette Wheel,a Player Can Either Win