Consider the following scenario. the black-number bet (a) Find the expected value of each $1 bet...
Consider the following scenario.
the black-number bet
(a) Find the expected value of each $1 bet in roulette. (Round your answer to three decimal places.)
(b) Interpret it. (Round your answer to one decimal place.)
Over time, you should expect to lose about cents for every dollar you bet.
Homework Answers
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Consider the following scenario.
the black-number bet
(a) Find the expected value of each $1 bet...
You play roulette betting one dollar on the number 5 each time. The bet pays 35...
You play roulette betting one dollar on the number 5 each time. The bet pays 35 to 1. You have a 1 in 38 chance to win. On average, you will lose playing this game and each play will cost you approximately _____ cents. (Round to the nearest cent) Suppose you play roulette 64 times, betting a dollar on the number 5 each time, your expected net gain is______ dollars. Using the short-cut, the SD for the box model is...
Suppose you make a dollar bet on a game in which there is a 1 in 5 chance to win
Suppose you make a dollar bet on a game in which there is a 1 in 5 chance to win. If you win, you win two dollars. On average, you will lose playing this game and each play costs you _______ cents. If you play 200 times, you can expect to lose around _______ dollar .You play roulette betting one dollar on the number 5 each time. The bet pays 35 to 1. You have a 1 in 38 chance to...
ollar on the number 4. (8 pts) You play roulette betting one dollar on the 5 each time. The bet pays 35 to 1. You...
ollar on the number 4. (8 pts) You play roulette betting one dollar on the 5 each time. The bet pays 35 to 1. You have a 1 in 38 chan win. On average, you will lose playing this game and each play will cost you approximately- cents. (Round to the nearest cent) Suppose you play roulette 64 times, betting a dollar on the number 5 each time, your expected net gain is dollars. dollars. Using the short-cut, the SD...
In the game of roulette, a player can place a 55 bet on the number 9...
In the game of roulette, a player can place a 55 bet on the number 9 and have a probability of winning. If the metal ball lands on 9, the player gets to keep the $5 paid to play the game and the player is awarded an additional $175. Otherwise, the player is awarded nothing and the casino takes the player's $5. What is the expected value of the game to the player? If you played the game 1000 times,...
1. (3 pts) A roulette wheel has 38 pockets. One is num- bered 0, another 00,...
1. (3 pts) A roulette wheel has 38 pockets. One is num- bered 0, another 00, and the rest are numbered fro 1- to 36. Except for 0 and 00, which are colored green, the numbers on the roulette alternate between red and black. A bet is on red or black. Suppose you bet one dollar on red. If a red number comes up, you get your dollar back and win another dollar. If a black or green number comes...
2. An American roulette wheel contains 38 numbers: 18 are red, 18 are black, and 2...
2. An American roulette wheel contains 38 numbers: 18 are red, 18 are black, and 2 are green. When the roulette wheel is spun, the ball is equally likely to land on any of the 38 numbers. Suppose that you bet $1 on red. If the ball lands on a red number, you win $1; otherwise you lose your $1. Let X be the amount you win on your $1 bet. (b) Find the expected value of the random| variable...
In the game of roulette, a player can place a $10 bet on the number 6 and have a 1/38 probability of winning. If the me...
In the game of roulette, a player can place a $10 bet on the
number 6 and have a 1/38 probability of winning. If the metal ball
lands on 6, the player gets to keep the $10 paid to play the game
and the player is awarded an additional $350. Otherwise, the player
is awarded nothing and the casino takes the player's $10. What is
the expected value of the game to the player? If you played the
game 1000...
One of the wagers in the game of roulette is to place a bet that the...
One of the wagers in the game of roulette is to place a bet that the ball will land on a red number. (Eighteen of the numbers are black, 18 are red, and two are green.) If the ball lands on a red number, the player wins the amount of his bet. If a player bets $5, find the player's expectation. (Round your answer to two decimal places.)
Question 2.9 lt Wieelr With a bet of $5 on black and a bet of $2...
Question 2.9
lt Wieelr With a bet of $5 on black and a bet of $2 on the specific group of four numbers pictured in Figure 2.1 (13, 14, 16, 17). What is the bettor's expectation on this combined bet? Conclude, as suggested in the text, that the bettor's expected loss is 5.26 cents for every dollar bet. 2.9 A European roulette wheel has 37 sectors including a zero but no double zero. Furthermore if the zero comes up, any...
In the game of roulette, a player can place a $9 bet on the number 28...
In the game of roulette, a player can place a $9 bet on the number 28 and have a StartFraction 1 Over 38 EndFraction probability of winning. If the metal ball lands on 28, the player gets to keep the $9 paid to play the game and the player is awarded an additional $315. Otherwise, the player is awarded nothing and the casino takes the player's $9. What is the expected value of the game to the player? If...
ollar on the number 4. (8 pts) You play roulette betting one dollar on the 5 each time. The bet pays 35 to 1. You have a 1 in 38 chan win. On average, you will lose playing this game and each play will cost you approximately- cents. (Round to the nearest cent) Suppose you play roulette 64 times, betting a dollar on the number 5 each time, your expected net gain is dollars. dollars. Using the short-cut, the SD...
In the game of roulette, a player can place a 55 bet on the number 9 and have a probability of winning. If the metal ball lands on 9, the player gets to keep the $5 paid to play the game and the player is awarded an additional $175. Otherwise, the player is awarded nothing and the casino takes the player's $5. What is the expected value of the game to the player? If you played the game 1000 times,...
1. (3 pts) A roulette wheel has 38 pockets. One is num- bered 0, another 00, and the rest are numbered fro 1- to 36. Except for 0 and 00, which are colored green, the numbers on the roulette alternate between red and black. A bet is on red or black. Suppose you bet one dollar on red. If a red number comes up, you get your dollar back and win another dollar. If a black or green number comes...
2. An American roulette wheel contains 38 numbers: 18 are red, 18 are black, and 2 are green. When the roulette wheel is spun, the ball is equally likely to land on any of the 38 numbers. Suppose that you bet $1 on red. If the ball lands on a red number, you win $1; otherwise you lose your $1. Let X be the amount you win on your $1 bet. (b) Find the expected value of the random| variable...
In the game of roulette, a player can place a $10 bet on the
number 6 and have a 1/38 probability of winning. If the metal ball
lands on 6, the player gets to keep the $10 paid to play the game
and the player is awarded an additional $350. Otherwise, the player
is awarded nothing and the casino takes the player's $10. What is
the expected value of the game to the player? If you played the
game 1000...
Question 2.9
lt Wieelr With a bet of $5 on black and a bet of $2 on the specific group of four numbers pictured in Figure 2.1 (13, 14, 16, 17). What is the bettor's expectation on this combined bet? Conclude, as suggested in the text, that the bettor's expected loss is 5.26 cents for every dollar bet. 2.9 A European roulette wheel has 37 sectors including a zero but no double zero. Furthermore if the zero comes up, any...
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