In roulette, the numbers from 1 to 36 are evenly distributed between red and black. A player who bets $1 on black wins $1 (and gets the $1 bet back) if the ball comes to rest on black; otherwise (if the ball lands on red, 0, or 00), the $1 bet is lost. One option in a roulette game is to bet $8 on red. If the ball lands on red, you get to keep the $8 you paid to play the game, and you are awarded $9. If the ball lands elsewhere, you are awarded nothing, and the $8 that you bet is collected. What is the expected value of the game?

In roulette, the numbers from 1 to 36 are evenly distributed between red and black. A player who bets $1 on black wins $1 (and gets the $1 bet back) if the ball comes to rest on black; otherwise (if the ball lands on red, 0, or 00), the $1 bet is lost. One option in a roulette game is to bet $8 on red. If the ball lands on red, you get to keep the $8 you paid to play the game, and you are awarded $9. If the ball lands elsewhere, you are awarded nothing, and the $8 that you bet is collected. What is the expected value of the game?

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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Concept explainers

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

on red. If the ball lands on red, you get to keep the

you paid to play the game, and you are awarded

$9.

If the ball lands elsewhere, you are awarded nothing, and the

that you bet is collected. What is the expected value of the game?

In roulette, the numbers from 1 to 36 are evenly distributed between red and black. A player who bets $1 on black wins $1 (and gets the $1 bet back) if the ball comes to rest on black; otherwise (if the ball lands on red, 0, or 00), the $1 bet is lost.
One option in a roulette game is to bet $8 on red. If the ball lands on red, you get to keep the $8 you paid to play the game, and you are awarded $9. If the ball lands elsewhere, you are awarded nothing, and the $8 that you bet is collected. What
is the expected value of the game?
The expected value for playing roulette if you bet $8 on red is approximately $
(Round to the nearest cent as needed.)

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