In the game of Roulette, if you place a $10 bet on number 12…
In the game of Roulette, if you place a $10 bet on number 12, there are two possible outcomes: either you profit $350 or you lose $10 (the prize is $360, but subtracting the $10 bet equals a net gain of $350). The probability that you win is 1/38 and the probability that you lose is 37/38. Calculate the expected value of how much money you’ll get if you bet $10 on number 12 in Roulette?
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