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May 28, 2015

Homework Help: statistics

Posted by Hayli on Wednesday, September 29, 2010 at 8:44pm.

The game of roulette uses a wheel containing 38 pockets. Thirty-six pockets are numbered 1,2.....,36, and the remaining two are marked 0 and 00. The wheel is spun, and a pocket is identified as the "winner." Assume that the observance of any one pocket is just as likely as any other.

Suppose you bet $5 on a single number--say, the number 18. The payoff on this type of bet is usually 35 to 1. What is your expected gain?

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