Question

An American roulette wheel contains 38 slots. Eighteen of the slots are colored red and eighteen are
colored black. The remaining two slots are colored green. A ball is spun on the wheel and comes to
rest in one of the 38 slots. If you bet $1 on the color red and win, the house pays you $1 (even
money).
What is the expected value of betting on red?
$1
0-$1
-$5.30
-$0.053

Answer 1

Answer:

- $0.053

Step-by-step explanation:

Bet fee = $1

Probability of red = 18 / 38

Probability of black = 18/38

Probability of green = 2 / 38

x : ____1 _____ - 1 _____ - 1

P(x) : __ 18/38___ 18/38____ 2/38

Mean or expected value, E(X) = Σx*p(x) = (18/38) * * (-18/38) * (-2/38)

E(X) = - 0.052631

E(X) = - $0.053