Compute the expected values of the bets


A roulette wheel has slots numbered 1 to 36 and two labeled with 0 and 00. Suppose that all 38 outcomes have equal probabilities. Compute the expected values of the following bets. In each case you bet one dollar and when you win you get your dollar back in addition to your winnings.

a) You win $1 if one of the numbers 1 through 18 comes up

b) You win $2 if the number that comes up is divisible by 3 (0 and 00 do not count)

c) You win $35 if the number 7 comes up.

Request for Solution File

Ask an Expert for Answer!!
Basic Statistics: Compute the expected values of the bets
Reference No:- TGS0712235

Expected delivery within 24 Hours