Math Problem Statement

In the game of​ roulette, a player can place a ​$4 bet on the number 21 and have a StartFraction 1 Over 38 EndFraction probability of winning. If the metal ball lands on 21​, the player gets to keep the ​$4 paid to play the game and the player is awarded an additional ​$140. ​Otherwise, the player is awarded nothing and the casino takes the​ player's ​$4. 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.

Solution

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Math Problem Analysis

Mathematical Concepts

Probability
Expected Value
Weighted Average

Formulas

Expected Value formula: E(x) = (Gain if win) × (Probability of win) + (Loss if lose) × (Probability of lose)

Theorems

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Suitable Grade Level

Grades 9-12