7. Fernando is trying to decide which of 2 roulette games to play at a casino, where eachroulette has 30 slots. Each game, Fernando wants to bet on a single slot. In the firstroulette game Fernando has to invest $5 to play, if he wins he gets his investment backplus $1000, if he loses, he loses his investment. In the second roulette game, he invest$1 to play, if he wins he gets his investment back plus $200 and if he loses, he loses hisinvestment. Calculate the expected value of the net gain for each roulette game and assumethat Fernando will go with the game that gives him the higher value.

Question 07)There are 2 roulette games. The total number of possible slots is 30.The number of…

Answered: 7. Fernando is trying to decide which…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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James placed a $25 bet on a red and a $5 bet on the number 33 (which is black) on a standard 00 roulette wheel. -if the ball lands in a red space, he wins $25 on his 'red' but loses $5 on his '33' bet - so he wins $20 -if the ball lands the number 33, he loses $25 on his 'red' bet but wins $175 on his '33' bet: He wins $150 -if the ball lands on a spae that isn't red and isnt 33 he loses both bets, so he loses $30 So for each spin; he either wins $150, wins $20, or loses $30 -probability that he wins $150 is 1/38 or .0263 -probability that he wins $20 is 18/38 or .4737 -probability that he loses $30 is 19/38 or .5000 let X = the profit that james makes on the next spin x P (X=x) x*P(X=x) x^2*P(X=x) 150 .0263 3.945 591.75 20 .4737 9.474 189.48 -30 .5000 -15.000 450.00 sum (sigma) 1.000 -1.581 1231.23 u (expected value)= -$1.581 variance = 1228.73044 standard deviation = 35.053 FILL IN THE BLANK if you play 2500 times, and Let, x (x bar)= the mean winnings (or…
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