A certain establishment has two different types of games: Dice roll and wheel of

Question

A certain establishment has two different types of games: Dice roll and wheel of chance. In Wheel of Chance, you spin a wheel that has the slots numbered 1-20 alternating between red and black as well as a green 00. A dealer tosses a ball into the wheel and you bet on where it lands. Suppose you bet $1 on even (where 00 is not an even number). If the ball lands in an even slot, you win your dollar back plus another $1. Otherwise, you lose your $1. Find the expected value of one game of Wheel of Chance.

Explanation / Answer

Total number of slots = 21

Number of even slots = 10

So,

P(Lands on even slot) = 10/21

And therefore,

P(Do not land on even slot) = 1 - 10/21 = 11/21

Hence,

Expected value of one game of Wheel of Chance

= 1(10/21) - 1(11/21)

= -1/21

= - $0.05 [Rounded off to the nearet cent]

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