SOLUTION: In the game of roulette, there is a wheel with spaces marked 0 through 36 and a space marked 00. a.) Find the probability of winning if you pick the number 7 and it comes up on th

Question 1135315: In the game of roulette, there is a wheel with spaces marked 0 through 36 and a space marked 00.
a.) Find the probability of winning if you pick the number 7 and it comes up on the wheel.
b.) Find the odds against winning if you pick the number 7.
c.) The casino will pay you $20 for every dollar you bet if your number comes up. How much profit is the casino making on the bet?

Answer by rothauserc(4718) (Show Source): You can put this solution on YOUR website!
wheel with spaces marked 0 through 36 and a space marked 00 means that there are 38 possible events
:
a) 1/38 = 0.0263 = 2.6%
:
b) 37 to 1 against winning
:
c) If your number 7 wins, you have a net gain of $19. If your number 7 does not win, you lose the $1
:
expected value = 19(1/38) + (-1)(37/38) = -0.4736
:
The casino is making 47 cents profit on your $1 bet
:

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