1. On a roulette wheel, there are 40 slots, 10 of which are colored red. If you bet $7 on red and win, you get $14 back. If not, you lose your $7. 2. The expected value for this game is +$7(1/4) + -$7 (3/4) = -$3.50 3. This game is not fair because the expected value is negative, but at least there is a 25% chance for the person to win $14.

1. On a roulette wheel, there are 40 slots, 10 of which are colored red. If you bet $7 on red and win, you get $14 back. If not, you lose your $7. 2. The expected value for this game is +$7(1/4) + -$7 (3/4) = -$3.50 3. This game is not fair because the expected value is negative, but at least there is a 25% chance for the person to win $14.

Calculus For The Life Sciences

2nd Edition

ISBN:9780321964038

Author:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Publisher:GREENWELL, Raymond N., RITCHEY, Nathan P., Lial, Margaret L.

Chapter12: Probability

Section12.CR: Chapter 12 Review

Problem 89CR

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