Question

A roulette wheel has 38 numbers: 1 through 36, 0, and 00. A ball is rolled and it falls into one of the 38 slots giving a winning number. The payout for betting on "The Top Line" (that is, the outcomes 0, 00, 1, 2, or 3) is $6 plus the dollar that was bet. The Situation: Suppose a gambler repeatedly bets $1 on "The Top Line." (a) Create a probability distribution function table for this situation. (b) Find the long term expected value, or mean, μ of the gambler's winnings. (c) Find the long term standard deviation σ of the gambler's winnings. Note+Hint: As always, you need to show your calculations and explain your reasoning. Creating the PDF table in Part (a) will be tremendously helpful in calculating μ and σ.

Answer 1

and o0 トワVar Poot to Can fal 38 Scannetntwith the CamScanner top u

38 38 ava the Dobab 3 8 33-S 3 9 ニ 33 he bets and -a s ha au and -I 3 8 pin) 5133338 CamScanner

of (b vrdei) otem epetd Value 6 X 3033 38 38 38 Vidu (1) 38 21 3 名 3 39 .15, 3684 Scanned with CamScanner = 2.316 CS