A game of chance is played on a wheel that contains 38 numbers (18 are red, 18 a

Question

A game of chance is played on a wheel that contains 38 numbers (18 are red, 18 are black, and 2 are green). When the wheel is spun, the ball is equally likely to land on any of the 38 numbers. Suppose that you bet dollar 6 on black. If the ball lands on a black number, you win dollar 6; otherwise you lose your dollar 6. Let X be the amount you win on your dollar 6 bet. Then X is the random variable whose probability distribution is as follows. Use this to complete parts (a) through (d) to the right. Find the expected value of the random variable X. The expected value is -312. Round to three decimal places as needed.) On average, how much will you lose per play? You will lose an average of dollar 052 per play. (Round to three decimal places as needed.)

Explanation / Answer

Expected value shows the average value taken by the random variable in the long run. That is on average you will lose $0.312 per play.

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