Interpret your answer to the previous question. The following are about the casino game roulette. In this
Question:
Interpret your answer to the previous question.
The following are about the casino game roulette. In this game, the dealer spins a marble around a wheel that contains 38 pockets that the marble can fall into. Each pocket has a number (each whole number from 0 to 36 , along with a "double zero") and a color ( 0 and 00 are both green; the other 36 numbers are evenly divided between black and red). Players make bets on which number (or groups of numbers) they think the marble will land on. The figure shows the layout of the numbers and colors, as well as some of the bets that can be made.
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If a player makes a \(\$ 1\) bet on a single number, they win \(\$ 35\) if that number comes up, but lose \(\$ 1\) if it doesn't. What is the expected value of this bet?
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