SOLUTION: A roulette wheel has 38 numbers. You spin the wheel and if the ball lands on the number you picked, you win. If your number comes up, you gain $20.00. If your number does not come

Algebra ->  Probability-and-statistics -> SOLUTION: A roulette wheel has 38 numbers. You spin the wheel and if the ball lands on the number you picked, you win. If your number comes up, you gain $20.00. If your number does not come      Log On


   

Question 1157565: A roulette wheel has 38 numbers. You spin the wheel and if the ball lands on the number you picked, you win. If your number comes up, you gain $20.00. If your number does not come up, you lose $2.00.

What is the expected value for this game?
Found 2 solutions by Shin123, ikleyn:
Answer by Shin123(626) About Me  (Show Source):
You can put this solution on YOUR website!
What is the probability that a certain number comes up?

Answer by ikleyn(52884) About Me  (Show Source):
You can put this solution on YOUR website!
.

The expected value is  20%2F38 - 2%2A%2837%2F38%29 = %2820-74%29%2F38 =  - 54%2F38 = - 27%2F19 = -1.42 dollars.     ANSWER

Solved.