Question

In a board game, players spin a wheel with values of $100, $300, $400, & $800. The probability of landing on each value is provided. What is the expected value of spinning the wheel once?

A) $350
B) $420
C) $470
D) $540

Answer 1

The expected value of spinning the wheel once is $400.

Step-by-step explanation:

To find the expected value of spinning the wheel once, we need to multiply each value on the wheel by its corresponding probability and then sum up the results. The expected value formula is:

Expected Value = (Value1 * Probability1) + (Value2 * Probability2) + (Value3 * Probability3) + (Value4 * Probability4)

Using the given information, we can calculate:

Expected Value = ($100 * 0.25) + ($300 * 0.25) + ($400 * 0.25) + ($800 * 0.25)

= $25 + $75 + $100 + $200

= $400

Therefore, the expected value of spinning the wheel once is $400.