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When playing roulette at a​ casino, a gambler is trying to decide whether to bet $10 on the number 13 or to bet $10 that the outcome is any one of the five possibilities 00, 0, 1, 2, or 3. The gambler knows thatthe expected value of the $10 bet for a single number is −53¢. For the $10 bet that the outcome is 00, 0, 1, 2, or 3​, there is a probability of 5/38 of making a net profit of $60 and a 33/38 probability of losing $10. Find the expected value

When playing roulette at a​ casino, a gambler is trying to decide whether to bet $10 on the number 13 or to bet $10 that the outcome is any one of the five possibilities 00, 0, 1, 2, or 3. The gambler knows thatthe expected value of the $10 bet for a single number is −53¢. For the $10 bet that the outcome is 00, 0, 1, 2, or 3​, there is a probability of 5/38 of making a net profit of $60 and a 33/38 probability of losing $10. Find the expected value

College Algebra
College Algebra
10th Edition
ISBN:9781337282291
Author:Ron Larson
Publisher:Ron Larson
Chapter8: Sequences, Series,and Probability
Section: Chapter Questions
Problem 41CT: On a game show, a contestant is given the digits 3, 4, and 5 to arrange in the proper order to form...
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When playing roulette at a​ casino, a gambler is trying to decide whether to bet $10 on the number 13 or to bet $10 that the outcome is any one of the five possibilities 00, 0, 1, 2, or 3. The gambler knows thatthe expected value of the $10 bet for a single number is −53¢. For the $10 bet that the outcome is 00, 0, 1, 2, or 3​, there is a probability of 5/38 of making a net profit of $60 and a 33/38 probability of losing $10.

  1. Find the expected value for the $10 bet that the outcome is 00, 0, 1, 2, or 3.
  2. Which bet is​ better: a $10 bet on the number 13 or a $10 bet that the outcome is any one of the numbers 00, 0, 1, 2, or 3​? Why?
When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 13 or to bet $10 that the outcome is any one of the five possibilities 00, 0, 1, 2, or 3. The gambler knows that the expected value of the $10 bet for a single number is -53¢. For the $10 bet that the outcome is 00, 0, 1, 2, or 3, there is 5 33 a probability of 38 of making a net profit of $60 and a 38 probability of losing $10. a. Find the expected value for the $10 bet that the outcome is 00, 0, 1, 2, or 3. b. Which bet is better: a $10 bet on the number 13 or a $10 bet that the outcome is any one of the numbers 00, 0, 1, 2, or 3? Why? a. The expected value is $ (Round to the nearest cent as needed.) b. Since the expected value of the bet on the number 13 is (1). is better. (1) O greater less 00, 0, 1, 2, or 3 the single number than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3, the bet on
Transcribed Image Text:When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 13 or to bet $10 that the outcome is any one of the five possibilities 00, 0, 1, 2, or 3. The gambler knows that the expected value of the $10 bet for a single number is -53¢. For the $10 bet that the outcome is 00, 0, 1, 2, or 3, there is 5 33 a probability of 38 of making a net profit of $60 and a 38 probability of losing $10. a. Find the expected value for the $10 bet that the outcome is 00, 0, 1, 2, or 3. b. Which bet is better: a $10 bet on the number 13 or a $10 bet that the outcome is any one of the numbers 00, 0, 1, 2, or 3? Why? a. The expected value is $ (Round to the nearest cent as needed.) b. Since the expected value of the bet on the number 13 is (1). is better. (1) O greater less 00, 0, 1, 2, or 3 the single number than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3, the bet on
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