VSC quea LIU A famous Arcade in a seaside resort town consists of may different games 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 wheel spin. When the wheel stops, the player is awarded tickets based on where the wheel stops, and these tickets are then redeemable for prizes at a redemption center within the arcade. (Note: This particular game 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 results of previous spins.) The wheel awards tickets with the following probabilities: Number of Tickets Probability 0.35 N 0.20 0.20 0.10 2 0.10 0.04 100 0.01 Using the information in the table above answer the following questions. 1. If a player were to play this game many, many times, what is the expected number of tickets that a player would win from each spin? - 2. The arcade often sells quarters to its customers in $5.00 rolls. Every day over the summer, Jeremy obtains one of these quarter rolls and uses all of the quarters for the spinning wheel game. In the long run, what is the average number of tickets that Jeremy can expect to win each day using this strategy? How many spins can Jeremy get for $5.00? spins 3. If the expected number of tickets per spin is 4.85, how many tickets can he expect to get in 20 spins? tickets. 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 S to win 300 tickets. Jeremy should