Discuss the below:
It's estimated that 57% of Americans live in households with 1 or 2 people, 32% live in households with 3 or 4 people and 11% live in households with 5 or more. Explain how you will find the expected number of people in an American household.
The probability of winning when you bet on a single number in roulette is 1 in 38. A $1 bet yields a net gain of $35 if it wins.
a. Suppose that you bet $1 on the single number 23. What is your probability of winning?