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
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