MATH FOR LIBERAL ARTS

Determine a casino's expected net income from a 24-hour period at a single roulette table if the casino's total overhead for the table is $50 per hour and if customers place a total of $7,000 on single-number bets, $4,000 on two-number bets, $4,000 on four-number bets, $3,000 on six-number bets, $7,000 on low-number bets, and $8,000 on red-number bets. (Assume the expected value of each of these $1 bets in roulette is -$0.053.)

  1. 👍 0
  2. 👎 0
  3. 👁 158
asked by CARMEN

Respond to this Question

First Name

Your Response

Similar Questions

  1. Mathematics for Liberal Arts

    Determine a casino's expected net income from a 24-hour period at a single roulette table if the casino's total overhead for the table is $50 per hour and if customers place a total of $7,000 on single-number bets, $4,000 on

    asked by Timothy on November 20, 2009
  2. statistics

    Suppose that in one week at a certain casino there are 25,000 independent plays at roulette. On each play, the gamblers stake $1 on red. Is the chance that the casino will win more than $1000 from these 25,000 plays closest to 2%

    asked by Amanda on October 7, 2008
  3. Statistics

    A popular casino in Windsor estimates that the chance that someone sitting at one of their Black Jack tables has a 0.35 probability of winning a given hand. Assume that all games played are independent. a. Isaac decides to play

    asked by Samuel on November 24, 2010
  4. Statistics

    An American roulette wheel has 38 slots, of which 18 are black, 18 are red, and 2 are green. When the wheel is spun, the ball is equally likely to come to rest in any of the slots. Gamblers bet on the roulette by placing chips on

    asked by Anonymous on April 19, 2018
  5. Statistics

    An American style roulette wheel has individual compartments for the numbers 1 to 36, plus 0 and 00. If the payoff for a single-number bet is 35:1, what is the expected value of the winnings on any single-number bet?

    asked by Jus on March 4, 2010
  6. Math (expected value)

    A roulette wheel in Las Vegas has 18 red slots and 18 black slots numbered alternately with the numbers 1 through 36. Two green slots are numbered 0 and 00. The winning number is determined by the slot into which a single marble

    asked by Anna on January 10, 2010
  7. algbra

    You have a full time job at a clothing store that pays a base rate of $13 per hour, with time-and-a-half for hours over forty in a week. You also earn a 2% commission on your total sales for the pay period. You are paid biweekly.

    asked by Anonymous on November 2, 2016
  8. Math

    The stockholders’ equity at the beginning of the period was $200,000; at the end of the period, assets were $255,000 and liabilities were $40,000. If the owner made no additional investments or paid no dividends during the

    asked by J on November 10, 2016
  9. physics

    After 10.0 s, a spinning roulette wheel at a casino has slowed down to an angular velocity of +1.56 rad/s. During this time, the wheel has an angular acceleration of -5.45 rad/s2. Determine the angular displacement of the wheel.

    asked by Danica on November 2, 2010
  10. physics

    After 10.0 s, a spinning roulette wheel at a casino has slowed down to an angular velocity of +1.74 rad/s. During this time, the wheel has an angular acceleration of -5.1 rad/s2. Determine the angular displacement of the wheel.

    asked by michelle on November 18, 2010

More Similar Questions