1. Engineering
  2. Computer Science
  3. answer this with detail steps please thank you...

Question: answer this with detail steps please thank you...

Question details

In (American) roulette, you bet on where a ball will land on a wheel containing 38 numbers, from 1 to 36 and O and 00. Each number from 1 to 36 is colored alternating red and black, so that there are 18 red numbers and 18 black numbers. The O and 00 are neither color. If you bet on a color and the ball lands on a number with that color, you double your bet. For example, if you bet $5 on red, and the ball lands on 1, which is red, you keep your $5 bet and win an additional $5. If instead the ball lands on 2, which is black, or 0 or 00, which are neither color, you lose the $5 you bet. You see a billionaire at the table with you place a $1,000,000 bet on black. What is the expected value of their investment? They will have an expected loss of $52631.58 They will have an expected gain of $473,684.21 O They will break even in expectation (a loss or gain of $0) They will have an expected gain of $1,000,000 O They will have an expected loss of $526,315.79Answer this with detail steps please, thank you

Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution