As shown in Figure 6.11, a roulette wheel has 38 numbers, with 18 odd numbers (black) and
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As shown in Figure 6.11, a roulette wheel has 38 numbers, with 18 odd numbers (black) and 18 even numbers (red), as well as 0 and 00 (which are green). If you bet $5 that the outcome is an odd number, the probability of losing the $5 is 20/38 and the probability of winning $10 (for a net gain of only $5, given you already paid $5) is 18/38.
a. If you bet $5 that an outcome is an odd number, what is your expected value?
b. Which of these options is best: bet on odd or don’t bet? Why?
Figure 6.11
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As shown in Figure 611 a roulette wheel has 38 numbers with 18 odd numbers black and 18 even numbers red as well as 0 and 00 which are green If you be...View the full answer
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Related Book For 
Statistical Reasoning For Everyday Life
ISBN: 978-0134494043
5th Edition
Authors: Jeff Bennett, William Briggs, Mario Triola
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