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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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
Transcribed Image Text:When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 13 or to bet $20 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 $20 bet for a single number is - $2.10. For the $20 bet that the outcome is 00, 0, 1, 2, or 3, there is
5
33
38
a probability of of making a net profit of $100 and a
38
probability of losing $20.
a. Find the expected value for the $20 bet that the outcome is 00, 0, 1, 2, or 3.
b. Which bet is better: a $20 bet on the number 13 or a $20 bet that the outcome is any one of the numbers 00, 0, 1, 2, or 3? Why?
(...
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