Roulette is a casino game that involves players betting on where a ball will land on a spinning wheel. An American roulette wheel has 38 numbered slots — half of the slots from 1 to 36 are red and the other half are black. Slots 00 and 00 are both green. Suppose that a player bets $1 on a single slot. If the ball lands in their slot, the player gets their initial $1 back plus a payout of $35. If the ball doesn't land in their slot, they lose their $1 bet. Let X= the player's net gain from a $1 bet on a single slot. Here is the probability distribution of X: Find the expected value of a player's net gain on a $1 bet on a single slot. You may round your answer to the nearest thousandth

Roulette is a casino game that involves players betting on where a ball will land on a spinning wheel. An American roulette wheel has 38 numbered slots — half of the slots from 1 to 36 are red and the other half are black. Slots 00 and 00 are both green. Suppose that a player bets $1 on a single slot. If the ball lands in their slot, the player gets their initial $1 back plus a payout of $35. If the ball doesn't land in their slot, they lose their $1 bet. Let X= the player's net gain from a $1 bet on a single slot. Here is the probability distribution of X: Find the expected value of a player's net gain on a $1 bet on a single slot. You may round your answer to the nearest thousandth

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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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Concept explainers

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

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Question

Suppose that a player bets $1 on a single slot. If the ball lands in their slot, the player gets their initial $1 back plus a payout of $35. If the ball doesn't land in their slot, they lose their $1 bet. Let X= the player's net gain from a $1 bet on a single slot. Here is the probability distribution of X:

Find the expected value of a player's net gain on a $1 bet on a single slot.
You may round your answer to the nearest thousandth.

Win
Lose
X = net gain $35
-$1
1
37
P(X)
38
38

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