PROB and STATS help!!!!

Apr 8th, 2015
Price: $5 USD

Question description

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


REFER TO THE SETUP OF THE PROBLEM ABOVE: The expected value for $1 bet is actually the same for any possible bet that can be made in a game of roulette. Use the expected value from part a to compute the payout of winning a game of roulette by placing a bet on any single number. Fill in the table and answer the question marks


Color (red/black)  Probability: 18/38       Payout: 1 to 1        Expected value?

Single number      Probability ?                Payout?                  Expected value?

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(Top Tutor) Daniel C.
School: UCLA

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