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Please help me answer this question in less than 40 min and I will give you a very good rating! Question #2 [6 marks] 9
Please help me answer this question in less than 40 min and I will give you a very good rating!
Question #2 [6 marks] 9 Recall the Roulette question from Labs 1 and 2 where event A = {ball lands on a \"red\" number} with P(A) = 19. Suppose that event 3 1 E' and event C = {ball lands on the number \"7\"} with P(C') = ' B = {ball lands in the \"last line\"} = {31, 32, 33, 34, 35, 36} with P(B) = After all these questions on Roulette over the past few weeks, you decide to try your luck at the game and have $250 to gamble. Note: If a bet pays N to 1 odds on a wager of $Z that means the bettor's winnings/prot will be $(N X Z) if they win and $Z if they lose. a. Suppose that you bet the entire $250 on the ball landing on a \"red" number (which, if successful, pays 1 to 1 odds). Showing your calculation, determine your expected winnings, E[W1], to the closest cent. b. Suppose that you bet the entire $250 on the ball landing in the "last line" (which, if successful, pays 5 to 1 odds). Showing your calculation, determine your expected winnings, E[W2], to the closest cent. c. Suppose that you bet the entire $250 on the ball landing on the number "7" (which, if successful, pays 35 to 1 odds). Showing your calculation, determine your expected winnings, E[W3], to the closest cent. d. Suppose that you bet $100 on event A, $60 on event B, and $90 on event 0. Showing your calculation, determine your expected winnings, E[W4], to the closest centStep by Step Solution
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