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finite math question?
One option in a roulette game is to bet on red. (There are 18 red compartments, 18 black compartments, and 2 compartments that are neither red nor black.) If the ball lands on red, you get to keep the you paid to play the game, and you are awarded $. If the ball lands elsewhere, you are awarded nothing, and the that you bet is collected. Write down the probability distribution for the earnings from this type of bet and find the expected value
1 Answer
- llafferLv 75 days ago
If the bet is "x", then the probability of winning is:
18 / (18 + 18 + 2) = 18 / 38 = 9/19
You win "x" dollars if this happens.
If you hit one of the 10/19 losing probabilities, you lose "x" dollars.
Multiply the win/loss by the probabilities and add them together:
(9/19)x - (10/19)x = (-1/19)x
So for a $1 bet (x = 1), the expected value is:
-$0.0526 rounded to 4DP.
