SOLUTION: A roulette wheel has 18 red, 18 black, and 2 green slots. one dollar bet on black wins one dollar. find the expected value for a $10 bet. if 1000 people each make a $10 bet on blac
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-> SOLUTION: A roulette wheel has 18 red, 18 black, and 2 green slots. one dollar bet on black wins one dollar. find the expected value for a $10 bet. if 1000 people each make a $10 bet on blac
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Question 820924: A roulette wheel has 18 red, 18 black, and 2 green slots. one dollar bet on black wins one dollar. find the expected value for a $10 bet. if 1000 people each make a $10 bet on black, how much does the casino expect to make? Answer by Edwin McCravy(20060) (Show Source):
You can put this solution on YOUR website! A roulette wheel has 18 red, 18 black, and 2 green slots. one dollar bet on black wins one dollar. find the expected value for a $10 bet on black.
18 successful slots out out of 38, a probability of winning is =
Expected value for the player = (Amount won)(Probability of winning) = $10 = $4.74
Therefore the expected value for the casino is $10.00-$4.74 = $5.26
if 1000 people each make a $10 bet on black, how much does the casino expect to make?
$5.26×1000 = $5260
Edwin
