In the game of roulette, a player can place a $5bet on the number 2 and have a 138 probability of winning. If the metal ball lands on 2, the player gets to keep the $5 paid to play the game and the player is awarded $175. Otherwise, the player is awarded nothing and the casino takes the player's $5. What is the expected value of the game to the player? If you played the game 1000 times, how much would you expect to lose? The expected value is (Round to the nearest cent as needed.) The player would expect to lose about (Round to the nearest cent as needed.)
In the game of roulette, a player can place a $5bet on the number 2 and have a 138 probability of winning. If the metal ball lands on 2, the player gets to keep the $5 paid to play the game and the player is awarded $175. Otherwise, the player is awarded nothing and the casino takes the player's $5. What is the expected value of the game to the player? If you played the game 1000 times, how much would you expect to lose? The expected value is (Round to the nearest cent as needed.) The player would expect to lose about (Round to the nearest cent as needed.)
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
In the game of roulette, a player can place a $5bet on the number 2 and have a 138 probability of winning. If the metal ball lands on 2, the player gets to keep the $5 paid to play the game and the player is awarded $175. Otherwise, the player is awarded nothing and the casino takes the player's
$5.
What is the expected value of the game to the player? If you played the game 1000 times, how much would you expect to lose?
The expected value is
(Round to the nearest cent as needed.)
The player would expect to lose about
(Round to the nearest cent as needed.)
Expert Solution
Step 1
Assume that x is the net amount to the player from the game.
Step by step
Solved in 2 steps
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman