Question

Suppose you nake $5 bet on the numbet 0 on a roulette wheel wirh 38 slots labelef 00, 0, 1, 2, 3, .. , 36. If 0 is spun you win a net of $175. If a 0 is not spun you lose the $6 bet. If you spin the wherl 50 times how much money csn you expect to gain or lose

Answer 1

Answer:

$13.16

Step-by-step explanation:

For each individual spin, there  are two possible outcomes:

- There is a 1 in 38 chance of winning $175.

- There is a 37 in 38 chance of losing $5.

The expected value for each spin is the sum of the products of each outcome by their respective probability.

In 50 spins, the expected value is:

$E(50) = 50*(175*\frac{1}{38} -5*\frac{37}{38})\\E(50)=-\ 13.16$

You can expect to lose $13.16 if you spin the wheel 50 times.