SOLUTION: Suppose you bet $1 on red at the roulette wheel. There are 18 red numbers and 20 nonred numbers (including the green 0 and 00). You win $1 if a red number comes up, and you lose $1
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-> SOLUTION: Suppose you bet $1 on red at the roulette wheel. There are 18 red numbers and 20 nonred numbers (including the green 0 and 00). You win $1 if a red number comes up, and you lose $1
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Question 1023704: Suppose you bet $1 on red at the roulette wheel. There are 18 red numbers and 20 nonred numbers (including the green 0 and 00). You win $1 if a red number comes up, and you lose $1 if any other number comes up. What is your expected value for this wager? (Round your answer to one decimal place.) Answer by stanbon(75887) (Show Source):
You can put this solution on YOUR website! Suppose you bet $1 on red at the roulette wheel. There are 18 red numbers and 20 nonred numbers (including the green 0 and 00). You win $1 if a red number comes up, and you lose $1 if any other number comes up. What is your expected value for this wager? (Round your answer to one decimal place.)
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Random winnings:: +0.....-2.....-1
Probabilities:: 18/38..20/38..0/38
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E(x) = [18*0 + 20*-2 + 0*-1]/38 = -40/38 = -$1.05
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Cheers,
Stan H.
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