Determine the expected value of betting $1 on red. Use the roulette wheel illustrated. A roulette wheel

Question:

Determine the expected value of betting $1 on red.


Use the roulette wheel illustrated. 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 house pays off odds of 35 to 1. If you bet on a red number or black number and win, the house pays 1 to 1 (even money).

36 24 3 1534 22 5 1732 20 7 1130 26 23 4 1633 21 6 18 31 19 8 12 29 25|| 9 28 0 2 1435

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

A Survey of Mathematics with Applications

ISBN: 978-0134112107

10th edition

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

Question Posted: