What is your expected gain or expected loss?

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1)    In Roulette there are 38 numbers to choose from, i.e., 00, 0 1,2,3,…36. Suppose you bet $25.00 on the number 23 where the payoff is 35 to 1. What is your expected gain or expected loss? Note: In roulette your money is not taken unless you lose>

2)    A truck has a shipment of 300 I-phones. If there are 7 defective I-phones on the truck, what is the probability of picking 10  I-phones at random and getting 1 defective I-phone?

3)    In a reverse raffle conducted to benefit a local charity, 100 tickets are sold at $100.00 each. The prize is $5,000.  If you purchase five tickets, what is your expected gain or expected loss?

 

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