What is the expected value of x the discount you receive

Reference no: EM13640638

After finishing the competition in 24th place you have a little extra spending money to have fun with in Vegas. Deciding to take a break from the gambling you are looking into booking a helicopter tour of the Hoover Dam. As part of a promotional deal the tour company is offering you a spin at the coupon wheel. One spin costs $10 and will be good for a tour discount based on where the wheel stops. The table below shows the probability distribution of the discounts.

X	$5	$15	$20	$0	$50
P(X)	0.25	0.333333	0.166667	0.166667	0.083333

A. What is the expected value of X (the discount you receive)?

B. Should you purchase a spin? Explain

Reference no: EM13640638

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