Posted by Anonymous on Sunday, October 17, 2010 at 5:32pm.
The game of roulette uses a wheel containing 38 pockets. Thirtysix pockets are numbered 1, 2, 3, ..., 35, 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?

statistics  PsyDAG, Monday, October 18, 2010 at 3:16pm
175(1/38)  5(37/38) = ?
Of course, strictly speaking, you won't "win" exactly $175 on 18, because $5 of that was your original bet.
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