SOLUTION: Please help with this problem. You are given 12 to 1 odd against hitting a solid 17 on Roulette number. This means that you win $12 if you succeed and you lose $1 if you fail. C

Algebra ->  Probability-and-statistics -> SOLUTION: Please help with this problem. You are given 12 to 1 odd against hitting a solid 17 on Roulette number. This means that you win $12 if you succeed and you lose $1 if you fail. C      Log On


   

Question 142256: Please help with this problem.
You are given 12 to 1 odd against hitting a solid 17 on Roulette number. This means that you win $12 if you succeed and you lose $1 if you fail. Calculate the expected value for one roll.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
You are given 12 to 1 odd against hitting a solid 17 on Roulette number. This means that you win $12 if you succeed and you lose $1 if you fail. Calculate the expected value for one roll.
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An American roulette wheel has 38 slots.
P(solid 17) = 1/38 ; P(not solid 17) = 37/38)
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Random Variable values for gain: 12 and -1
Expected value for each roll is 12*(1/38) + (-1)(37/38) = -25/38
= -65.79 cents
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Cheers,
Stan H.