probability and statistics

Statistics
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The payout on matching a color (red/black) in roulette is one to one. In other words, if you bet a dollar and win, you get a dollar. There are 38 slots on a roulette wheel,18 of which are red, 18 of which are black, and 2 of which are green (0 and 00) 


1. Compute the expected value for a $1 bet on the color red 

2. Interpret your answer for part a in the context of the problem
Apr 6th, 2015

1. P(Red) = 18/38 = 9/19

EV = (9/19)($1) = $0.47

2. You have a 9 in 19 chance of winning a dollar.

Apr 6th, 2015

Thank you so much! Could you help me with this question also

In a particular game show, a contestant is given the option of selecting from three mystery boxes, one of which contain a prize. The contestant is given the opportunity to win up to 5 prizes by repeating thsi same procedure. If the contestant wins all 5 prizes, he/she gets a bonus round in which to choose from 10 boxes. one of which contains $1000

1. what is the probability that the contestant walks away empty handed?

2. What is the probability that the contestant wins exactly 4 prizes

3. What is the probability that the contestant wins no less than 2 prizes

4. What is the contestants expected number of prizes (regular rounds only) ? Interpret this result

5. What is the overall probability that the contestant wins $1000 


Apr 6th, 2015

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Apr 6th, 2015
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Apr 6th, 2015
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