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26 December, 23:44

In the casino game roulette players bet on which of 38 equally likely outcomes will occur on a single spin of the wheel. The probability of the ball landing on black is 18/38. If you bet $100 on black, which of the following is the best choice for your expected value?

a) - $5.26

b) + $5.26

c) + $52.63

d) - $52.63

e) 0.00

Answer is a) - $5.26, just not sure how to achieve that. I know it's asking to find the mean (mu).

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Answers (1)
  1. 27 December, 02:09
    0
    We know that

    P (winning) = 18/38

    P (losing) = 1-18/38 = 20/38

    Expected value = 100*18/38 - 100*20/38

    1800/38 - 2000/38 = - 200/38 = - $5.26

    the answer is the option a) - $5.26
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