What is the expected value of playing roulette

Assignment Help Basic Statistics
Reference no: EM13956449

One option in a roulette game is to bet $18 on red.There are 18 red compartments,18 black compartments,and 2 compartments neither red nor black.If the ball lands on red you get to keep the $18 you paid to play the game and you are awarded $18 if the ball lands elsewhere you are awarded nothing and the $18 you bet will be collected.

1.What is the expected value of playing roulette if you bet $18 on red ?

2. Which of the statements tells what this value means ?

A. Over the long run a player can expect to lose this amount in each game

B. Over the long run the player can expect to break even

C.Over the long run the player can expect to win this amount each game

Reference no: EM13956449

Questions Cloud

Postage stamps per year-postal service for next five years : Consider a project to supply 117 million postage stamps per year to the U.S. Postal Service for the next five years. You have an idle parcel of land available that cost $2,070,000 five years ago; if the land were sold today, it would net you $2,270,0..
Find net force supplied by catapult and aircraft engines : The launch catapult of an aircraft carrier gives the 7Mg jet airplane gives the airplane a constant acceleration and launches the airplane in a distance of 100 m measured along the angled takeoff ramp. The carrier is moving at a constant speed of ..
Issues about poverty or pollution : Locate a news article about an issue poverty, pollution, etc.) in order to conduct a meta-analysis of the author's economic perspective of the selected issue.
How might julius company react to the new pricing scheme : How might Julius Company react to the new pricing scheme? How might its order behavior change as a result of the new fees?
What is the expected value of playing roulette : What is the expected value of playing roulette if you bet $18 on red ?
Competitive reasons you must do the deal in euros : You are selling American made goods to a French customer, but for competitive reasons you must do the deal in Euros. In 6 months, you expect to receive euro 800,000. Do you hedge your receivable and how?
Subsequent years you expect the dividend to grow : The required return on an investment is 11 percent. You estimate that firm X's dividends will grow as follows: For the subsequent years you expect the dividend to grow but at the more modest rate of 9 percent annually. What is the maximum price that ..
Involves time spent developing analysis : Writing a research paper is a process that involves time spent developing analysis on a given topic. In this class, the research will be about an economic issue on the local, state, or federal level. This economic issue will be related to the func..
Prepare the operating activities section of the statement : Prepare the operating activities section of the statement of cash flows for 2011 using the indirect method. Note that there is no difference between the two methods for the investing and financing sections.

Reviews

Write a Review

Basic Statistics Questions & Answers

  Describing grouped or ungrouped frequency distribution

Number of miles flown in a One- year period by the sample of "frequent flyers" was  recorded. Is this a grouped or an ungrouped frequency distribution?

  Probability that population of suburb is divided by fifty

The chance that all 50 residents in a neighborhood end up being the sample of residents selected is: the population of the suburb divided by 50.

  Probability distribution and p-values of supermarket

A supermarket advertises that the waiting time spend by customers waiting in line at the cash register is uniform between 0 and 6 minutes.

  There are 1000 natural numbers a1 a2 a1000 prove that of

there are 1000 natural numbers a1 a2.... a1000. prove that of the numbers 3a1 3a2.... 3a1000 there must be 56 of them

  Significance level that the claim is true

If we assume that the lifetime of this type of bulb has a standard deviation of 400 hours, can we conclude at the 5% significance level that the claim is true.

  The distribution of the sum of independent n 2 random

the distribution of the sum of independent n? ?2 random variables isa. always approximately normalb. always exactly

  Estimating probability based on the discrete distribution

The casino game craps is based on rolling two dice. Here is the assignment of probabilities to the sum of numbers on the up face when two dice are rolled:

  Hypothesis testing process and experimentation

Define what a hypothesis is and discuss the relationship between hypothesis testing and statistics. Discuss what independent and dependent variables are in an experiment, state the relationship between the two and give an example.

  In random samples of 900 men and 400 women it is found the

in random samples of 900 men and 400 women it is found the 99 men and 36 women suffer from kidney stones. is there

  Assuming that numbers of crimes in 4-weekly periods are

Assuming that numbers of crimes in 4-weekly periods are independent, what is the probability that there will be at least 17 in the last three of the next six 4-week periods? explain your answer

  According to the texas department of state health services

according to the texas department of state health services there are approximately 17.7 million adults age 18 living in

  You work for a government agency and asked to test this

1. a government watchdog association claims that 70 of people in the u.s. agree that the government is inefficient and

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd