Question

Many casinos have a game called the Big Six Money Wheel, which has 54 slots in which are displayed a Joker, the casino logo, and various dollar amounts, as shown in the table at the top of the next column. Players may bet on the Joker, the casino logo, or one or more dollar denominations. The wheel is spun and if the wheel stops on the same place as the player's bet, the player wins that amount for each dollar bet.

Denomination Number of slots

$40 (Joker) ---------> 1

$40 (Casino logo) -> 1

$20 --------------------> 2

$10 --------------------> 4

$5 -----------------------> 7

$2 -----------------------> 15

$1 -----------------------> 24

**If a player bets $5 on the $5 denomination**, find
the player's expectation. (Round your answer to two decimal
places)

Answer #1

Given : The Big Six Money Wheel has 54 slots and the slots are as mentioned below

Denomination | Number of Slots |

$40 (Joker) | 1 |

$40 (Casino logo) | 1 |

$20 | 2 |

$10 | 4 |

$5 | 7 |

$2 | 15 |

$1 | 24 |

Solution :

Player bets $5 on the $5 Denomination

Therefore, if he wins then he will win amount 5*5 = $25

But if he loses then the amount lost is $5.

The probability of getting $5 denomination (x) = 7/54

The probability of not getting $5 denomination (y) = 47/54

The player's expectation can be calculated as,

E(Player) = (Amount won) (x) - (Amount lost)(y)

= (25)(7/54) - (5)(47/54)

= 3.24 - 4.35

= -1.11

**Therefore, the player's expectation is
-$1.11**

**Thank you for giving me the opportunity to help you. Please give
me thumbs up if you like this answer.

Many casinos have a game called the Big Six Money Wheel, which
has 54 slots in which are displayed a Joker, the casino logo, and
various dollar amounts, as shown in the table at the top of the
next column. Players may bet on the Joker, the casino logo, or one
or more dollar denominations. The wheel is spun and if the wheel
stops on the same place as the player's bet, the player wins that
amount for each dollar...

Many casinos have a game called the Big Six Money Wheel, which
has 54 slots in which are displayed a Joker, the casino logo, and
various dollar amounts, as shown in the table below.
Denomination
Number of slots
$40 (Joker)
1
$40 (Casino logo)
1
$20
2
$10
4
$5
7
$2
15
$1
24
Players may bet on the Joker, the casino logo, or one or more
dollar denominations. The wheel is spun, and if the wheel stops on...

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