Finite help..!!! Please

Question

A roulette wheel has 38 slots numbered 00, 0, 1, 2, ... 35, 36. 18 of the slots numbered 1 through 36 are red and 18 are black. The 00 and 0 slots are green. The ball is spun around the wheel until it falls into one of the slots. When a gambler bets $1 on a single number and wins, he gets $36 back. (I.e. His net winnings are $35). Find the expected value of this game (In dollars). 

Answer 1

The expected value can be calculated using the formula  Σxp(x)  where you are multiplying the each value of the random variable x (amount he wins or loses) with the probability associated to that value.

 

In this case (-1)(37/38) + (35)(1/38)

 

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