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
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-> 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
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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?
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
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a) 1/38 = 0.0263 = 2.6%
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b) 37 to 1 against winning
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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
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The casino is making 47 cents profit on your $1 bet
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