When you give a casino $5 for a bet on the number 7 in roulette, you have

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When you give a casino $5 for a bet on the number 7 in roulette, you have a 1/38 probability of winning $175 and a 37/38 probability of losing $5. What is your expected value? In the long run, how much do you lose for each dollar bet?

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Elementary Statistics

ISBN: 9780321225979

3rd Canadian Edition

Authors: Mario F. Triola

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Question Posted: Apr 05, 2016 06:19 AM

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When you give a casino $5 for a bet on the number 7 in roulette, you have

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Since the expected loss is 263 for a 5 ...View the full answer

Elementary Statistics

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