3. In the game of roulette, a player can place a $6 bet on the number 27 and hav

Question

3. In the game of roulette, a player can place a $6 bet on the number 27 and have a 1/38 probability of winning. If the metal ball lands on 27, the player gets to keep the $6 paid to play the game and the player is awarded $210. Otherwise, the player is awarded nothing and the casino takes the player's $6. What is the expected value of the game to the player? If you played the game 1000 times, how much would you expect to lose?

The expected value is $ __?___ (Round to the nearest cent as needed.)

The player would expect to lose about $   __?___ (Round to the nearest cent as needed.)

Explanation / Answer

Expected value = (1/38)*210+(37/38)*(-6)

Expected value = - $0.32

If the player play the game 1000 times

Expect to lose about = 0.31579*1000 = $315.79

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