Concept explainers
To find: The probability model for the winnings and the expected winnings when the bet is made on red ball.
Answer to Problem 1CS
Solution: The probability model is described as follows:
The expected value of bet is 5.3 cents.
Explanation of Solution
Calculation:
The bet is won if the ball lands in the red slot. There are a total of 18 red slots, so the probability of landing in a red slot is calculated as follows:
The bet will be won if the ball lands in the red slot. So, the probability of winning will be same as that of the ball landing in the red slot. Hence, the probability of winning the bet is
The probability of losing the bet is calculated as follows:
The probability model is thus described as
It is provided that if the ball lands in red slot then $2 is won along with the $1 spent on the bet. Thus, the expected amount won is computed as follows:
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Chapter 20 Solutions
Statistics: Concepts and Controversies
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