Which of the following illustrates the truth value of the given statements?
2 answers:
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Answer:
The expected value for the player to play one time is -$0.05.
Step-by-step explanation:
The expected value of a random variable <em>X</em> is given by the formula:
The American roulette wheel has the 38 numbers, {i = 00, 0, 1, 2, ..., 34, 35, and 36}, marked on equally spaced slots.
The probability that the ball stops on any of these 38 numbers is same, i.e.
P (X = i) = .
It is provided that a a player bets $1 on a number.
If the player wins, the player keeps the dollar and receives an additional $35.
And if the player losses, the dollar is lost too.
So, the probability distribution is as follows:
<em> X </em>: $35 -$1
P (<em>X</em>) :
Compute the expected value of the game as follows:
Thus, the expected value for the player to play one time is -$0.05.