Q5 The game Spin the Spinner has a cost of 7 00 to play one

Last updated: 2/15/2023

Q5 The game Spin the Spinner has a cost of 7 00 to play one spin The spinner has 8 congruent sections and the sections are numbered 1 3 5 7 9 11 13 and 15 A player chooses one section or number and then spins the spinner The player wins 50 00 if the spinner lands on his her number A What is the player s expected value for one spin Is this a gain or a loss from the player s perspective 3 Assume that 1000 people play the game once What is the expected gain loss for the rganizers of the game