CARD SUITS WHEEL

TEAM P

THE WHEEL

• 8 SPACES

• 2 HEART SPACES

• 3 SPADE SPACES

• 2 DIAMOND SPACES

• 1 CLUB SPACE

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

EXPECTED VALUE AND STANDARD DEVIATION (THEORETICAL)

• EXPECTED VALUE-

[0*(2/8)]+[25*(2/8)]+[21*(3/8)]+[40*(1/8)]= $19.13

• STANDARD DEVIATION-

[(0-19.13)^2 *(2/8)]+[(25-19.13)^2 *(2/8)]+[(21-19.13)^2 *(3/8)]+[(40-19.13)^2

*(1/8)]= $155.0594

= $12.48

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

EXPECTED VALUE AND STANDARD DEVIATION (SIMULATION) CONT….

• AVERAGE VALUE-

[0*(10/50)]+[25*(11/50)]+[21*(21/50)]+[40*(8/50)]= $20.72

• STANDARD DEVIATION-[(20-20.72)^2 *(10/50)]+[(25-20.72)^2 *(11/50)]+[(21-20.72)^2 *(21/50)]+[40-20.72)^2 *(8/50)]= $63.64

== $7.98

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.