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17 December, 04:02

A roulette wheel in Las Vegas has 38 possible outcomes. Of those 38 outcomes, 18 are red, 18 are black, and 2 are green. Suppose you bet 2 dollars on the outcome being red. Now, assume that the casino will return your investment and give you an additional 2 dollars if you win, but will keep your 2 dollars if you lose. How much money should you expect to win each game

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  1. 17 December, 06:29
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    Answer: Expected value = - 0.1026

    Step-by-step explanation:

    Given that

    Possible outcomes = 38

    While the required outcome are red, 18 are black, and 2 are green

    The probability of winning will be

    18 / 38 = 0.474

    Where winning will be

    2 * 0.474 = 0.948

    The probability of losing

    20/38 = 0.5253

    Where losing will be

    - 2 * 0.5253 = - 1.0506

    Expected value = 0.948 + ( - 1.0506)

    Expected value = - 0.1026
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