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A roulette wheel has 38 slots: 18 red, 18 black, and 2 green. A ball is...

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Statistics

A roulette wheel has 38 slots: 18 red, 18 black, and 2 green. Aball is tossed into the wheel and eventually settles in a slot atrandom. You play many games, betting $1 on red each time. If theball lands in a red slot you win $1, otherwise you lose the dollaryou bet. After n games, what is the probability that you have moremoney than you started with? Give (approximate) numerical answersfor n = 100 and n = 1000. How would the answer change if there wereno green slots?

Answer & Explanation Solved by verified expert
3.7 Ratings (325 Votes)
Expected winnings from one game 11838 12038 119Variance of winnings from one game For n 100 and n 1000 the expected winnings will followNormal distribution    See Answer
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