Answer: - 0.027
Step-by-step explanation:
Win = any even number between (0 - 36)
Therefore,
Lose = any odd number between 0 —36 including 0
Assume Bet amount = $1
Expected value is calculate by summing all possible outcomes by their respective probabilities.
Expected value = [(p(winning) × net win value) + (p(losing +net loss value]
P(winning) = p(even) = 18/37
P(losing) = p(odd) +p(0) = 19/37
Net win value = $2
Net loss value = $-1
Expected value = [(18/37) × ($1) + (19/37) × (-$1)]
Expected value = 0.48648648 - 0.51351351
Expected value = - 0.027