Use the roulette wheel illustrated above and to the right. A roulette wheel typically contains slots with

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Use the roulette wheel illustrated above and to the right. A roulette wheel typically contains slots with numbers 1–36 and slots marked 0 and 00. A ball is spun on the wheel and comes to rest in one of the 38 slots. Eighteen numbers are colored red, and 18 numbers are colored black. The 0 and 00 are colored green. If you bet on one particular number and the ball lands on that number, the casino pays off odds of 35 to 1. If you bet on a red number or black number and win, the casino pays 1 to 1 (even money).

Determine the expected value of betting $1 on red.

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A Survey Of Mathematics With Applications

ISBN: 9780135740460

11th Edition

Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde

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