Math Problem Statement

Solution

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Math Problem Analysis

Mathematical Concepts

Probability
Expected Value

Formulas

P(Red) = 18/38
P(Not Red) = 20/38
Expected Value = P(Red) * (Winnings) + P(Not Red) * (Loss)
Total Expected Winnings = Expected Value per Bet * Number of Bets

Theorems

Law of Expected Value in Probability

Suitable Grade Level

Grade 11-12