Question 957401: A roulette wheel has 38 slots numbered 00, 0, 1, 2, ..., 35, 36. Eighteen of the slots numbered 1 through 36 are red and eighteen are black. The 00 and 0 slots are green. The ball is spun around the wheel until it falls into one of the slots. When a gambler bets $1 on a single number and wins, he gets $36 back (i.e. his net winnings are $35). Find the expected value of this game (in dollars).
Answer by stanbon(75887)   (Show Source):
You can put this solution on YOUR website! A roulette wheel has 38 slots numbered 00, 0, 1, 2, ..., 35, 36. Eighteen of the slots numbered 1 through 36 are red and eighteen are black. The 00 and 0 slots are green. The ball is spun around the wheel until it falls into one of the slots. When a gambler bets $1 on a single number and wins, he gets $36 back (i.e. his net winnings are $35). Find the expected value of this game (in dollars).
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Random "winnings"............. 35......-1
Corresponding probabilities:: 1/38...37/38
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Expected "winnings" = [35-37]/38 = -2/38 = -1/19 = -$0.05 dollars
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Cheers,
Stan H.
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