Question

A bet on “black” in Roulette has a probability of 18/38 of winning. If you win,...

A bet on “black” in Roulette has a probability of 18/38 of winning. If you win, you double your money. You can bet anywhere from $1 to $100 on each spin.

a. Suppose you have $10, and are going to play until you go broke or have $20. What is your best strategy for playing? Explain using information you learned in this module's material, such as expected value.

b. Suppose you have $10, and are going to play until you go broke or have $30. What is your best strategy for playing? Explain using information you learned in this module's material, such as expected value.

*****trying to figure out how to get the expected value...please explain?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
An American roulette wheel contains 38 numbers.  2 are green, 18 are red, and 18 are black....
An American roulette wheel contains 38 numbers.  2 are green, 18 are red, and 18 are black. Spin the wheel, and the little ball is equally likely to land on any of the numbers. Suppose you bet $1 on black. If the ball lands on a black number you win $1. If it doesn't you don't get anything. The probability of landing on a black space is 18/38 or 0.474. Find the expected value of your money after the one play...
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.
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...
An American roulette wheel contains 38 numbers: 18 are red, 18 are black, and 2 are...
An American roulette wheel contains 38 numbers: 18 are red, 18 are black, and 2 are green. When the roulette wheel is spun, the ball is equally likely to land on any of the 38 numbers. Suppose that you bet $1 on red. If the ball lands on a red number, you win $1; otherwise you lose your $1. Let X be the amount you win on your $1 bet. Determine the probability distribution of the random variable X .
Reconsider the game of roulette. Recall that when you bet $1 on a color, you have...
Reconsider the game of roulette. Recall that when you bet $1 on a color, you have an 18/38 probability of winning $1 and a 20/38 probability of losing $1 (for a net winnings of -$1). Consider playing for a random sample of n = 4 spins, and consider the statistic x-bar = sample mean of your net winnings per spin. a) Determine the (exact) sampling distribution of x-bar. [Hint: Start by listing the possible values of x-bar. Then use the...
In the game of​ roulette, a player can place a ​$10 bet on the number 18...
In the game of​ roulette, a player can place a ​$10 bet on the number 18 and have a 1/38 probability of winning. If the metal ball lands on 18​, the player gets to keep the ​$10 paid to play the game and the player is awarded an additional ​$350 ​Otherwise, the player is awarded nothing and the casino takes the​ player's $10. Find the expected value​ E(x) to the player for one play of the game. If x is...
In one version of​ roulette, a wheel has 18 black​ slots, 18 red slots and 2...
In one version of​ roulette, a wheel has 18 black​ slots, 18 red slots and 2 green slots. All slots are the same size. A player can place a bet on either red or black. Green is reserved for the house. If a player places a bet of​ $5 on either red or black and that color comes​ up, they win​ $10. Otherwise, the casino takes the​ player's $5. What is the expected value of playing the game​ once?
A standard roulette wheel has 38 numbered​ slots, which includes 18 black​ slots, 18 red​ slots,...
A standard roulette wheel has 38 numbered​ slots, which includes 18 black​ slots, 18 red​ slots, and 2 green slots. When the roulette wheel is spun and the ball is​ dropped, it can fall into any of the 38 spots randomly. Since there are 38 slots on the​ wheel, the chance that the ball will land on any one number is 1 in​ 38, or approximately 2.63 percent. If you see the ball land on​ 7, then the probability that...
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 ​$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...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT