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In some game, a gambler can bet on which of 38 numbers will be the result of a random selection. On a $5 bet, a gambler gains $52 if he or she picks the right number but loses the $5 otherwise. (a) Let X = amount gained or lost on a $5 bet on a roulette number. Write out the probability distribution of X. k $52 -$5 P(X = k) (b) Calculate E(X), the mean value of X. (Round the answer to four decimal places.) E(X) = What does this value indicate about the advantage that a casino has over roulette players? In the long run, the average outcome will be that players lose about cents to the casino per $5 bet.

In some game, a gambler can bet on which of 38 numbers will be the result of a random selection. On a $5 bet, a gambler gains $52 if he or she picks the right number but loses the $5 otherwise. (a) Let X = amount gained or lost on a $5 bet on a roulette number. Write out the probability distribution of X. k $52 -$5 P(X = k) (b) Calculate E(X), the mean value of X. (Round the answer to four decimal places.) E(X) = What does this value indicate about the advantage that a casino has over roulette players? In the long run, the average outcome will be that players lose about cents to the casino per $5 bet.

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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In some game, a gambler can bet on which of 38 numbers will be the result of a random selection. On a $5 bet, a gambler gains $52 if he or she picks the right number but loses the $5 otherwise. (a) Let X = amount gained or lost on a $5 bet on a roulette number. Write out the probability distribution of X. k $52 -$5 P(X = k) (b) Calculate E(X), the mean value of X. (Round the answer to four decimal places.) E(X) = What does this value indicate about the advantage that a casino has over roulette players? In the long run, the average outcome will be that players lose about cents to the casino per $5 bet.
Transcribed Image Text:In some game, a gambler can bet on which of 38 numbers will be the result of a random selection. On a $5 bet, a gambler gains $52 if he or she picks the right number but loses the $5 otherwise. (a) Let X = amount gained or lost on a $5 bet on a roulette number. Write out the probability distribution of X. k $52 -$5 P(X = k) (b) Calculate E(X), the mean value of X. (Round the answer to four decimal places.) E(X) = What does this value indicate about the advantage that a casino has over roulette players? In the long run, the average outcome will be that players lose about cents to the casino per $5 bet.
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