Question

Consider the following scenario. the black-number bet (a) Find the expected value of each $1 bet...

Consider the following scenario.

the black-number bet

(a) Find the expected value of each $1 bet in roulette. (Round your answer to three decimal places.)
dollars

(b) Interpret it. (Round your answer to one decimal place.)

Over time, you should expect to lose about cents for every dollar you bet.

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
When playing roulette, if you bet $1 on a single number the expected value of how...
When playing roulette, if you bet $1 on a single number the expected value of how much you win is −0.053, with a standard deviation of 5.76. Build the 99% confidence interval for the average of how much you will win/lose per play if you bet $1 on a single number 700 times.
n the game of​ roulette, a player can place a ​$1010 bet on the number 2121...
n the game of​ roulette, a player can place a ​$1010 bet on the number 2121 and have a StartFraction 1 Over 38 EndFraction 1 38 probability of winning. If the metal ball lands on 2121​, the player gets to keep the ​$1010 paid to play the game and the player is awarded an additional ​$350350. ​ Otherwise, the player is awarded nothing and the casino takes the​ player's ​$1010. What is the expected value of the game to the​...
In the game of​ roulette, a player can place a ​$4 bet on the number 24...
In the game of​ roulette, a player can place a ​$4 bet on the number 24 and have a StartFraction 1 Over 38 EndFraction probability of winning. If the metal ball lands on 24​, the player gets to keep the ​$4 paid to play the game and the player is awarded an additional ​$140. ​ Otherwise, the player is awarded nothing and the casino takes the​ player's ​$4. What is the expected value of the game to the​ player? If...
In the game of​ roulette, a player can place a ​$6 bet on the number 25...
In the game of​ roulette, a player can place a ​$6 bet on the number 25 and have a 1/38 probability of winning. If the metal ball lands on 25​, the player gets to keep the ​$6 paid to play the game and the player is awarded an additional ​$210. ​ Otherwise, the player is awarded nothing and the casino takes the​ player's ​$6. What is the expected value of the game to the​ player? If you played the game...
In the game of​ roulette, a player can place a ​$9 bet on the number 29...
In the game of​ roulette, a player can place a ​$9 bet on the number 29 and have a 1 Over 38 probability of winning. If the metal ball lands on 29​, the player gets to keep the ​$9 paid to play the game and the player is awarded an additional ​$315. ​Otherwise, the player is awarded nothing and the casino takes the​ player's ​$9. Find the expected value​ E(x) to the player for one play of the game. If...
A roulette wheel has 38 numbers. Eighteen of the numbers are black, eighteen are red, and...
A roulette wheel has 38 numbers. Eighteen of the numbers are black, eighteen are red, and two are green. When the wheel is spun, the ball is equally likely to land on any of the 38 numbers. Each spin of the wheel is independent of all other spins of the wheel. One roulette bet is a bet on black—that the ball will stop on one of the black numbers. The payoff for winning a bet on black is $2 for...
In a​ lottery, you bet on seven-digit number between 0000000 and 1111111. For a​ $1 bet,...
In a​ lottery, you bet on seven-digit number between 0000000 and 1111111. For a​ $1 bet, you win $500,000 if you are correct. The mean and standard deviation of the probability distribution for the lottery winnings are u=0.05 ​(that is,5 cents) and σ=200.00 Joe figures that if he plays enough times every​ day, eventually he will strike it​ rich, by the law of large numbers. Over the course of several​ years, he plays 1 million times. Let x denote his...
Risk one dollar on a column bet on each spin for three spins. Your total net...
Risk one dollar on a column bet on each spin for three spins. Your total net gain is the sum of the three individual net gains. For example, if you lose, then win, then win, your total net gain is −1+2+2=3−1+2+2=3 dollars. Find the probability you will come out ahead (Enter correct to four decimal places.)
Consider the following two scenarios for the economy and the expected returns in each scenario for...
Consider the following two scenarios for the economy and the expected returns in each scenario for the market portfolio, an aggressive stock A, and a defensive stock D. Rate of Return Scenario Market Aggressive Stock A Defensive Stock D Bust –8 % –10 % –6 % Boom 32 38 24 a. Find the beta of each stock. (Round your answers to 2 decimal places.) b. If each scenario is equally likely, find the expected rate of return on the market...
In an experimental study, researchers had each of their participants bet on each game of a...
In an experimental study, researchers had each of their participants bet on each game of a professional football season. In the contingency table below is some information from a random sample of 100 bets from this study placed on the Columbus Crush (picking them to win) during the last 14 games of the season (the Crush had 7 wins and 7 losses over that period). The table indicates, for each bet placed on the Crush, whether or not the team...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT