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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.
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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- When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 32 or to bet $5 that the outcome is any one of the three possibilities 00, 0, or 1. The gambler knows that the expected value of the $5 bet for a single number is −53¢. For the $5 bet that the outcome is 00, 0, or 1, there is a probability of 338 of making a net profit of $20 and a 3538 probability of losing $5. a. Find the expected value for the $5 bet that the outcome is 00, 0, or 1. b. Which bet is better: a $5 bet on the number 32 or a $5 bet that the outcome is any one of the numbers 00, 0, or 1? Why? a. The expected value is $enter your response here. (Round to the nearest cent as needed.) b. Since the expected value of the bet on the number 32 is ▼ less greater than the expected value for the bet that the outcome is 00, 0, or 1, the bet on ▼ 00, 0, or 1 the single number is better.arrow_forwardJames placed a $25 bet on a red and a $5 bet on the number 33 (which is black) on a standard 00 roulette wheel. -if the ball lands in a red space, he wins $25 on his 'red' but loses $5 on his '33' bet - so he wins $20 -if the ball lands the number 33, he loses $25 on his 'red' bet but wins $175 on his '33' bet: He wins $150 -if the ball lands on a spae that isn't red and isnt 33 he loses both bets, so he loses $30 So for each spin; he either wins $150, wins $20, or loses $30 -probability that he wins $150 is 1/38 or .0263 -probability that he wins $20 is 18/38 or .4737 -probability that he loses $30 is 19/38 or .5000 let X = the profit that james makes on the next spin x P (X=x) x*P(X=x) x^2*P(X=x) 150 .0263 3.945 591.75 20 .4737 9.474 189.48 -30 .5000 -15.000 450.00 sum (sigma) 1.000 -1.581 1231.23 u (expected value)= -$1.581 variance = 1228.73044 standard deviation = 35.053 FILL IN THE BLANK if you play 2500 times, and Let, x (x bar)= the mean winnings (or…arrow_forwardA certain game involves tossing 3 fair coins, and it pays 11¢ for 3 heads, 7¢ for 2 heads, and 4e for 1 head. Is 7¢a fair price to pay to play this game? That is, does the 7¢ cost to play make the game fair? .... The 7¢ cost to play a fair price to pay because the expected winnings are (Type an integer or a fraction. Simplify your answer.)arrow_forward
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