Find net gain to the bettor on one play of the game

Reference no: EM131812763

Question: A roulette wheel has 38 slots. Thirty-six slots are numbered from 1 to 36; half of them are red and half are black. The remaining two slots are numbered 0 and 00 and are green. In a $1 bet on red, the bettor pays $1 to play. If the ball lands in a red slot, he receives back the dollar he bet plus an additional dollar. If the ball does not land on red he loses his dollar. Let X denote the net gain to the bettor on one play of the game.

a. Construct the probability distribution of X.

b. Compute the expected value E (X) of X, and interpret its meaning in the context of the problem.

c. Compute the standard deviation of X.

Reference no: EM131812763

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