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? C... A

A game-show spinner has these odds of stopping on particular dollar values: 55% for $50, 20% for $100, 15% for $500, and 10% for $1000. What are the odds of a player winning $50 or $100?

Laura has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Laura chooses one ball from the bag at random. She wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is selected, $6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. She loses $14 if 7 or 8 is selected. (a) Find the expected value of playing the game. dollars (b) What can Laura expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) O Laura can expect to gain money. She can expect to win dollars per selection. O Laura can expect to lose money. She can expect to lose dollars per selection. O Laura can expect to break even (neither gain nor lose money). X