A game of chance is played on a wheel that contains 32 numbers (15 are red, 15 are black, and 2 are green). When the wheel is spun, the ball is equally likely to land on any of the 32 numbers. Suppose that you bet $1 on black. If the ball lands on a black number, you win $1; otherwise you lose your $1. Let X be the amount you win on your $1 bet. Then X is the random variable whose probability distribution is as follows. X P(X=x) 1 0.469 -1 0.531
A game of chance is played on a wheel that contains 32 numbers (15 are red, 15 are black, and 2 are green). When the wheel is spun, the ball is equally likely to land on any of the 32 numbers. Suppose that you bet $1 on black. If the ball lands on a black number, you win $1; otherwise you lose your $1. Let X be the amount you win on your $1 bet. Then X is the random variable whose probability distribution is as follows. X P(X=x) 1 0.469 -1 0.531
College Algebra (MindTap Course List)
12th Edition
ISBN:9781305652231
Author:R. David Gustafson, Jeff Hughes
Publisher:R. David Gustafson, Jeff Hughes
Chapter8: Sequences, Series, And Probability
Section8.CR: Chapter Review
Problem 75E
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A game of chance is played on a wheel that contains 32 numbers (15 are red,
15 are black, and 2 are green). When the wheel is spun, the ball is equally likely
to land on any of the 32 numbers. Suppose that you bet $1 on black. If the ball
lands on a black number, you win $1; otherwise you lose your $1. Let X be the
amount you win on your $1 bet. Then X is the random variable whose
probability distribution is as follows.
1
X
P(X=x)
0.469
Use this to complete parts (a) through (d) to the right.
-1
0.531
C
a. Find the expected value of the random variable X.
The expected value is
(Round to three decimal places as needed.)
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