Business, 25.03.2020 18:43 xavier1283

When playing roulette at a casino, a gambler is trying to decide whether to bet $15 on the number 11 or to bet $15 that the outcome is any one of the five possibilities 00 comma 0 comma 1 comma 2 comma or 3. The gambler knows that the expected value of the $15 bet for a single number is negative $ 1.58. For the $15 bet that the outcome is 00 comma 0 comma 1 comma 2 comma or 3, there is a probability of StartFraction 5 Over 38 EndFraction of making a net profit of $90 and a StartFraction 33 Over 38 EndFraction probability of losing $15. a. Find the expected value for the $15 bet that the outcome is 00 comma 0 comma 1 comma 2 comma or 3. b. Which bet is better: a $15 bet on the number 11 or a $15 bet that the outcome is any one of the numbers 00 comma 0 comma 1 comma 2 comma or 3? Why?

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When playing roulette at a casino, a gambler is trying to decide whether to bet $15 on the number 11...