Let's say you decide to bet $1 at the Roulette table (that's the one with the big spinning wheel and the little white marble). You put your dollar chip down on one of the 38 possible outcomes, so you've got a 1 in 38 chance of winning. If you do happen to hit it big, the payout is $35. If you lo the house keeps your buck. Please calculate your expected value from one spin. Based on this expected value, should you be playing roulette?

Let's say you decide to bet $1 at the Roulette table (that's the one with the big spinning wheel and the little white marble). You put your dollar chip down on one of the 38 possible outcomes, so you've got a 1 in 38 chance of winning. If you do happen to hit it big, the payout is $35. If you lo the house keeps your buck. Please calculate your expected value from one spin. Based on this expected value, should you be playing roulette?

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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