Question

In the game of​ roulette, when a player gives the casino ​$1 for a bet on the number 24​, the player has a 37/38 probability of losing ​$1

and a 1/38 probability of making a net gain of ​$35.

​(The prize is ​$36, but the​ player's $1 bet is not​ returned, so the net gain is $35.)

If a player bets ​$1 that the outcome is an odd​ number, the probability of losing $1

is 20/38 and the probability of making a net gain of ​$1 is 18/38.

​(If a player bets ​$1 on an odd number and​ win, the player is given ​$2 that includes the​ bet, so the net gain is ​$1​.)

a. If a player bets ​$1 on the number 24​, what is the​ player's expected​ value?The expected value is ____dollars.

​(Round to the nearest cent as​ needed.)

Answer 1