An American roulette wheel has numbers 1 through 36, where the even numbers are black and odd

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An American roulette wheel has numbers 1 through 36, where the even numbers are black and odd numbers are red. There are also numbers 0 and 00, which are green. Suppose you plan always to bet $1 on the number 23 (your lucky number). If it lands on 23, you will gain $35. If it does not land on 23, you will lose $1. 

a. For one spin of the wheel, what is the expected payout for this game if you bet on 23? 

b. For one spin of the wheel, what is the standard deviation for the payout if you bet on 23? 

c. For three spins of the wheel, what is the expected payout if you always bet on 23? 

d. For three spins of the wheel, what is the standard deviation for the payout if you always bet on 23?

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Introduction To Statistical Investigations

ISBN: 9781119683452

2nd Edition

Authors: Beth L.Chance, George W.Cobb, Allan J.Rossman Nathan Tintle, Todd Swanson Soma Roy

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