MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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When playing roulette at a​ casino, a gambler is trying to decide whether to bet ​$15on the number 27 or to bet ​$15 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 ​$15 bet for a single number is −0.79¢. For the ​$15 bet that the outcome is 00, 0, 1, 2, or 3​, there is a probability of 538 of making a net profit of ​$90 and a 3338 probability of losing $15.
 
a. Find the expected value for the $15 bet that the outcome is 00, 0, 1, 2, or 3.
 
b. Which bet is​ better: a ​$15 bet on the number 27 or a $15 bet that the outcome is any one of the numbers 00, 0, 1, 2, or 3​? Why?
 
a. The expected value is ​$nothing.
​(Round to the nearest cent as​ needed.)
 
b. Since the expected value of the bet on the number 27 is ▼ greater, less
than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3​,
the bet on ▼ the single number 00, 0, 1, 2, or 3 is better.
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