We can use the expected value to help us make decisions in every daylife.Arcade PrizesA famous Arcade in a seaside resort town consists of may differentgames of skill and chance. In order to play a popular "spinning wheel"game at Fred's Fun Factory arcade, a player is required to pay a small,fixed amount of 25 cents each time he/she wants to make the wheelspin. When the wheel stops, the player is awarded tickets based onwhere the wheel stops, and these tickets are then redeemable forprizes at a redemption center within the arcade. (Note: This particulargame has no skill component; each spin of the wheel is a random event,and the result from each spin of the wheel is independent of the resultsof previous spins.) The wheel awards tickets with the followingprobabilities:Number of Tickets Probability10.350.2030.200.10100.10250.041000.01 Using the information in the table above answer the followingquestions.1. If a player were to play this game many, many times, what is theexpected number of tickets that a player would win from eachspin?2. The arcade often sells quarters to its customers in $5.00 rolls.Every day over the summer, Jeremy obtains one of these quarterrolls and uses all of the quarters for the spinning wheel game.Jeremy wants to know what the average number of tickets that hecan expect to win each day using this strategy. First, he needs tofigure out how many spins he can get for $5.00. How many spinscan Jeremy get for $5.00?spins3. If the expected number of tickets per spin is 4.85, how manytickets.tickets can he expect to get in 20 spins?4. One of the redemption center prizes that Jeremy is playing for isan item that costs 300 tickets. It is also available at a store downthe street for $4.99. Without factoring in any enjoyment gainedfrom playing the game or from visiting the arcade, from a strictlymonetary point of view, would you advise Jeremy to try to obtainthis item based on arcade ticket winnings or to go and buy theitem at the store? Jeremy gets an average of 97 tickets for $5. Itwould cost a little more than $to win 300 tickets. Jeremy

1. Expected number of tickets that a player would win from each game =1*0.36+2*0.20+ 3*0.20 +5*0.10…

4. One of the redemption center prizes that Jeremy is playing for is an item that costs 300 tickets. It is also available at a store down the street for $4.99. Without factoring in any enjoyment gained from playing the game or from visiting the arcade, from a strictly monetary point of view, would you advise Jeremy to try to obtain this item based on arcade ticket winnings or to go and buy the item at the store? Jeremy gets an average of 97 tickets for $5. It would cost a little more than $ to win 300 tickets. Jeremy

4. One of the redemption center prizes that Jeremy is playing for is an item that costs 300 tickets. It is also available at a store down the street for $4.99. Without factoring in any enjoyment gained from playing the game or from visiting the arcade, from a strictly monetary point of view, would you advise Jeremy to try to obtain this item based on arcade ticket winnings or to go and buy the item at the store? Jeremy gets an average of 97 tickets for $5. It would cost a little more than $ to win 300 tickets. Jeremy

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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