ale 18 red compartments, 18 black compartments, a ompartments that are neither red nor black.) If the ball lands on red, you get to keep the $7 you paid to play nd you are awarded $7. If the ball lands elsewhere, you are awarded nothing and the $7 that you bet is collec Complete parts (a) through (b) below. m ... What is the expected value for playing roulette if you bet $7 on red? (Round to the nearest cent.) . What does this expected value mean? Choose the correct statement below. A. This value represents the expected loss over the long run for each game played. OB. Over the long run, the player can expect to break even. OC. This value represents the expected win over the long run for each game played.
ale 18 red compartments, 18 black compartments, a ompartments that are neither red nor black.) If the ball lands on red, you get to keep the $7 you paid to play nd you are awarded $7. If the ball lands elsewhere, you are awarded nothing and the $7 that you bet is collec Complete parts (a) through (b) below. m ... What is the expected value for playing roulette if you bet $7 on red? (Round to the nearest cent.) . What does this expected value mean? Choose the correct statement below. A. This value represents the expected loss over the long run for each game played. OB. Over the long run, the player can expect to break even. OC. This value represents the expected win over the long run for each game played.
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:**Roulette Expected Value Problem**
In a roulette game, you have the option to bet $7 on red. The roulette wheel consists of 18 red compartments, 18 black compartments, and 2 compartments that are neither red nor black. If the ball lands on red, you retain the $7 you paid to play the game and receive an additional $7, making your total payout $14. If the ball lands elsewhere, you lose the $7 bet.
Complete the following parts about expected value:
**a. Calculate the Expected Value**
What is the expected value for playing roulette if you bet $7 on red? (Please round your answer to the nearest cent.)
**b. Interpret the Expected Value**
What does this expected value mean? Choose the correct statement below:
- **A.** This value represents the expected loss over the long run for each game played.
- **B.** Over the long run, the player can expect to break even.
- **C.** This value represents the expected win over the long run for each game played.
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