Math Problem Statement
In American roulette, the wheel has the 38 numbers, 00, 0, 1, 2, ..., 34, 35, and 36, marked on equally spaced slots. If a player bets
$44
on a number and wins, then the player keeps
$44
and receives an additional
$140140.
Otherwise, the player is awarded nothing, and the casino takes the player's
$44.
Find the expected value E(x) to the player for one play of the game. If x is the gain to a player in a game of chance, then E(x) is usually negative. This value gives the average amount per game the player can expect to lose.
The expected value is what?
Solution
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Math Problem Analysis
Mathematical Concepts
Probability
Expected Value
Game Theory
Formulas
Expected Value formula: E(x) = (Probability of Win * Gain from Win) + (Probability of Loss * Loss Amount)
Theorems
Law of Large Numbers (implicitly involved in the concept of expected value)
Suitable Grade Level
College level or advanced high school