At roulette, there are 38 slots. A "column" consists of 12 of these slots. A column pays 2 to 1. Thus, if you bet $1 on a column and win, you gain $2, whereas if you lose, you lose $1.Consider a scenario where you play 100 rounds, betting $1 on a column each time. Here are the statistical outcomes:- **Average Net Gain per Play**: $0.0526- **Standard Deviation (SD) of Net Gain per Play**: $1.39- **Expected Value of Total Net Gain after 100 Plays**: -$5.30- **Standard Error of Total Net Gain after 100 Plays**: $13.94The calculations show the expected monetary outcomes and variability when engaging in this betting strategy over multiple rounds.

Given, At roulette, there are 38 slots. A column consists of 12 of these slots. A column pays 2 to…

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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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