A roulette wheel has 38 different stopping slots numbered from 1 to 36 plus 0 and 00. Eighteen numbers are red, 18 are black, with O and 00 green. Calculate the expected value for the following situations where the term "payoff" means in addition to return of the bet or "profit above all costs". A) The payoff is $35 for a $1 bet on any number. B) The payoff is $17 for a $1 bet on any line between two numbers (meaning the bettor wins if either number hits). C) The payoff is $8 for a $1 bet on any corner between four numbers. D) They payoff is $1 for a $1 bet on red or black or odd or even.
A roulette wheel has 38 different stopping slots numbered from 1 to 36 plus 0 and 00. Eighteen numbers are red, 18 are black, with O and 00 green. Calculate the expected value for the following situations where the term "payoff" means in addition to return of the bet or "profit above all costs". A) The payoff is $35 for a $1 bet on any number. B) The payoff is $17 for a $1 bet on any line between two numbers (meaning the bettor wins if either number hits). C) The payoff is $8 for a $1 bet on any corner between four numbers. D) They payoff is $1 for a $1 bet on red or black or odd or even.
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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Transcribed Image Text:A roulette wheel has 38 different stopping slots
numbered from 1 to 36 plus 0 and 00. Eighteen numbers
are red, 18 are black, with 0 and 00 green. Calculate the
expected value for the following situations where the
term "payoff" means in addition to return of the bet or
"profit above all costs".
A) The payoff is $35 for a $1 bet on any
number.
B) The payoff is $17 for a $1 bet on any line between two
numbers (meaning the bettor wins if either number hits).
C) The payoff is $8 for a $1 bet on any corner between
four numbers.
D) They payoff is $1 for a $1 bet on red or black or odd or
even.
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