Exercise

Exercise 3. American Roulette expected value

In American roulette, the payout for winning on green is $17. This means that if you bet $1 and it lands on green, you get $17 as a prize.In the previous exercise, you created a model to predict your winnings from betting on green.

Now, compute the expected value of $X$, the random variable you generated previously.

Instructions

100 XP

Using the chances of winning $17 (p_green) and the chances of losing $1 (p_not_green), calculate the expected outcome of a bet that the ball will land in a green pocket.

Take Hint (-30 XP)