question archive For her games fair project, Matthew created a spinner with 15 sections with numbers 1 to 15 on each section
For her games fair project, Matthew created a spinner with 15 sections with numbers 1 to 15 on each section
Subject:StatisticsPrice:2.87 Bought7
For her games fair project, Matthew created a spinner with 15 sections with numbers 1 to 15 on each section. He charges each player $1 to play this game. The rule is simple. If a multiple of 3 (ie.3,6...) is rolled the player wins $3. If a multiple of 7 is rolled the player wins $5. Is this a profitable game? To whom is it profitable? how do you know?
Purchase A New Answer
Custom new solution created by our subject matter experts
GET A QUOTE
Answer Preview
Answer:
probability of rolling a multiple of 3 =(5/15) (Since there are 5 numbers multiple of 3 between 1 and 15)
probability of rolling a multiple of 7 =(2/15) (Since there are 2 numbers multiple of 7 between 1 and 15)
expected payout to player =ΣxP(x)=3*(5/15)+5*(2/15)=1.67
since expected payout is greater than playing cost of the game,
therefore game would be a loss to Matthew and profitable to players who play the game in the long run.
