Mathematics, 18.03.2020 19:28 unknowntay04

When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 34 or to bet $20 that the outcome is any one of the three possibilities 00 comma 0 comma or 1 . The gambler knows that the expected value of the $20 bet for a single number is negative $ 1.05 . For the $20 bet that the outcome is 00 comma 0 comma or 1 , there is a probability of StartFraction 3 Over 38 EndFraction of making a net profit of $80 and a StartFraction 35 Over 38 EndFraction probability of losing $20 .a. Find the expected value for the $20 bet that the outcome is 00 comma 0 comma or 1 .b. Which bet is better: a $20 bet on the number 34 or a $20 bet that the outcome is any one of the numbers 00 comma 0 comma or 1 ? Why?

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When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 34...