A roulette wheel has 38 numbers: 18 are black, 18 are red, and 2 are green. a. Suppose you bet $25 on green. If the ball lands on green, you win $400; otherwise, you win nothing. What is the expected value of this bet for you? Round all dollar values to two decimal places. Event Value Probability Value × Probability $ $ $ $ $ $ Expected Value = $ ____________ per bet b. Suppose you bet $25 on green 150 times. How much do you expect to win or lose overall? Win OR Lose: $ ____________ (Circle your choice above.)
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
A roulette wheel has 38 numbers:
18 are black,
18 are red, and
2 are green.
a. Suppose you bet $25 on green. If the ball lands on green, you win $400; otherwise, you win nothing. What is the
Round all dollar values to two decimal places.
|
Event |
Value |
Probability |
Value × Probability |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
|
|
$ |
|
$ |
Expected Value = $ ____________ per bet
b. Suppose you bet $25 on green 150 times. How much do you expect to win or lose overall?
Win OR Lose: $ ____________
(Circle your choice above.)
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