Stats problem Help Probability

timer Asked: Apr 4th, 2016

Question description

A roulette player makes a $10 wager that the ball will land on a specific number (this is known as a straight bet). The probability that the player wins this bet is 1/38 (and so the probability that he loses is 37/38). If he wins, he profits $350. If he loses, he'll just lose his $10. What is the expected value of this $10 straight bet at the roulette table?

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