A game of chance is played on a wheel that contains
34 numbers (16 are red, 16 are black, and 2 are green).
When the wheel is spun, the ball is equally likely to land
on any of the 34 numbers. Suppose that you bet $7 on
red. If the ball lands on a red number, you win $7;
otherwise you lose your $7. Let X be the amount you
win on your $7 bet. Then X is the random variable
whose probability distribution is as follows.
a. Find the expected value of the random
variable X.
The expected value is
(Round to three decimal places as needed.)
X
P(X = x)
7
0.471
-7
0.529
Use this to complete parts (a) through (d) to the right.