In American roulette, a wheel has 36 numbered slots plus 2 green slots (\"0\" an
ID: 3370146 • Letter: I
Question
In American roulette, a wheel has 36 numbered slots plus 2 green slots ("0" and "00"). All slots are the same size. A bet on a row of three numbers has a 3/38 probability of winning. A bettor wagers $5 on a row of three numbers. If one of those 3 numbers comes up the bettor receives $60 (his $5 wager plus $55 in actual winnings); otherwise, the bettor loses his wager. What is the expected value of playing the game once? How much would you expect to win or lose after playing 100 times? Expected value (Round your answer to two decimal places as needed.) How much would you expect to win or lose after playing 100 times? (Round your answer to whole dollars.) O A. LoseExplanation / Answer
If done once, it is a bernoulli trial with X represents either success or failure, thus can take the value 1 or 0
probability of success = 3/38
Thus,
Expected value of X = 3/38 * 1 + 35/38*0 = 3/38
Thus, Expected value of winning = 3/38 *60 = 4.74
actual amount of playing = 4.74-5 = -0.26 {rounding}
If played 100 times, then all 100 bernoulli trials makes it a binomial distribution
Expected number of success = np = 100 * 3/38
Expected money that I get = 100 * 3/38 * 60 = 473.684
actual money to win or lose = 473.684 - 5*100 = -26 dollars