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StatisticsQ&A LibraryPlease explain me every step with words. I don't know how to read formulas.A Roulette wheel has 38 numbers with 18 black, 18 red and 2 green. The colors are equally spaced from each other. If you place your money on the correct color (Black or Red), you win the equivalent of your bet (even money), otherwise you lose your bet.Another potential bet is to bet on a number. If you place your money on the correct number, you win 35 times your bet, otherwise you lose your money. Round to the fourth as neededa) You bet $190 on black. Find the expected value of your bet.b) You bet $110 on your lucky number. Find the expected value of your bet.c) You bet $40, split in half on black and red. Find the expected value of your bet.d) You bet $160, one half on black and the other half on 7. Find the expected value of your bet.Question

Asked Sep 28, 2019

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Please explain me every step with words. I don't know how to read formulas.

A Roulette wheel has 38 numbers with 18 black, 18 red and 2 green. The colors are equally spaced from each other. If you place your money on the correct color (Black or Red), you win the equivalent of your bet (even money), otherwise you lose your bet.

Another potential bet is to bet on a number. If you place your money on the correct number, you win 35 times your bet, otherwise you lose your money. Round to the fourth as needed

a) You bet $190 on black. Find the expected value of your bet.

b) You bet $110 on your lucky number. Find the expected value of your bet.

c) You bet $40, split in half on black and red. Find the expected value of your bet.

d) You bet $160, one half on black and the other half on 7. Find the expected value of your bet.

Step 1

Since, we are not authorized to answer more than three subparts therefore we are giving very there subparts answers.

From the given information,

A Roulette wheel has 38 numbers with 18 black, 18 red and 2 green numbers with colors are equally spaced from each other.

Let x be an amount of money we win or loss.

Thus, required expected gain can be calculated as:

Step 2

a)

Expected value on block color after betting $190 on it:

Step 3

b)

Expected value on lucky number a...

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