1. TEAM P

2. THE WHEEL
• 8 SPACES
• 2 HEART SPACES
• 3 SPADE SPACES
• 2 DIAMOND SPACES
• 1 CLUB SPACE

3. HOW TO PLAY
• PAY $20 TO PLAY
• LAND ON A HEART- WIN NOTHING
• LAND ON A DIAMOND- WIN $25
• LAND ON A SPADE- WIN $21
• LAND ON A CLUB- WIN $40

4. EXPECTED VALUE AND STANDARD
DEVIATION (THEORETICAL)
•

5. EXPECTED VALUE AND STANDARD
DEVIATION (SIMULATION)
• SIMULATED THROUGH RANDINT ON CALCULATOR, 1 AND 2 ARE HEART, 3 AND 4 ARE DIAMOND, 5 6
AND 7 ARE SPADE, 8 IS CLUB
• DONE 50 TIMES
• RESULTS: 4, 2, 5, 3, 7, 5, 8, 8, 3, 5, 2, 5, 4, 7, 7, 3, 8, 6, 4, 7, 8, 6, 4, 3, 6, 2, 6, 5, 4, 1, 6, 1, 3, 6, 1, 2, 4, 1,
8, 1, 7, 6, 5, 7, 8, 5, 2, 8, 7, 8
• HEARTS- 10/50
• DIAMONDS-11/50
• SPADES- 21/50
• CLUBS- 8/50

6. EXPECTED VALUE AND STANDARD
DEVIATION (SIMULATION) CONT….
•

7. COMPARING RESULTS
• WHEN I DID MY THEORETICAL OUTCOME AND THE SIMULATION I FOUND THAT THE EXPECTED
VALUE WAS HIGHER THAN THE THEORETICAL. THIS MEANS THAT ON AVERAGE INSTEAD OF THE
HOUSE MAKING $.87 FOR EVERY TIME SOMEONE PLAYS THE GAME, THEY ARE GIVING AWAY
$.72 TO EVERYONE THAT PLAYS. IN ORDER TO IMPROVE THE GAME WOULD PLAY WITH THE
AMOUNT OF MONEY NEEDED TO PLAY AND AMOUNT AWARDED IN ORDER TO GIVE THE HOUSE
A GREATER ADVANTAGE.