Question: On December 6, Ed Grimely appeared on the game show, The Wheel of Fate. As a result of his appearance, Grimely won the following prizes.

On December 6, Ed Grimely appeared on the game show, "The Wheel of Fate." As a result of his appearance, Grimely won the following prizes.

a. Assuming that Grimely received all these prizes by the end of the year, compute his gross income for the year as a result of his winnings.
b. Will this amount change if Grimely refuses to accept the calliope lessons immediately after the programâ€™s taping session is completed?

Manufacturer's Suggested List Price Actual Cost to the Showw air Market Value All-expenses-paid trip to Hawaii One case of Twinkies Seven music lessons for the calliope One year of free haircuts $8,432 $6,000 $5,200 16 12 105 35 120 60 15

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