Homework Help is Here – Start Your Trial Now!
Math
Probability
a. If a player bets $14 on the number 1, what is the player's expected value? The expected value is dollars. (Round to the nearest cent as needed.)

a. If a player bets $14 on the number 1, what is the player's expected value? The expected value is dollars. (Round to the nearest cent as needed.)

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section8.7: Probability
Problem 61E: Roulette American roulette is a game in which a wheel turns on a spindle and is divided into 38...
See similar textbooks
icon
Related questions
Question
37 1 In the game of roulette, when a player gives the casino $14 for a bet on the number 1, the player has a probability of losing $14 and a probability of making a net gain of $490. (The prize is $504, but the 38 38 20 18 player's $14 bet is not returned, so the net gain is $490.) If a player bets $14 that the outcome is an odd number, the probability of losing $14 is and the probability of making a net gain of $14 is (If a player 38 bets $14 on an odd number and win, the player is given $28 that includes the bet, so the net gain is $14.) Complete parts (a) through (c) below. 38 a. If a player bets $14 on the number 1, what is the player's expected value? The expected value is dollars. (Round to the nearest cent as needed.)
Transcribed Image Text:37 1 In the game of roulette, when a player gives the casino $14 for a bet on the number 1, the player has a probability of losing $14 and a probability of making a net gain of $490. (The prize is $504, but the 38 38 20 18 player's $14 bet is not returned, so the net gain is $490.) If a player bets $14 that the outcome is an odd number, the probability of losing $14 is and the probability of making a net gain of $14 is (If a player 38 bets $14 on an odd number and win, the player is given $28 that includes the bet, so the net gain is $14.) Complete parts (a) through (c) below. 38 a. If a player bets $14 on the number 1, what is the player's expected value? The expected value is dollars. (Round to the nearest cent as needed.)
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781337282291
Author:
Ron Larson
Publisher:
Cengage Learning
Algebra and Trigonometry (MindTap Course List)
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Holt Mcdougal Larson Pre-algebra: Student Edition…
Holt Mcdougal Larson Pre-algebra: Student Edition…
Algebra
ISBN:
9780547587776
Author:
HOLT MCDOUGAL
Publisher:
HOLT MCDOUGAL
SEE MORE TEXTBOOKS