5 t for a single number is - $1.06. For the $10 bet that the outcome is 00, 0, 1, 2, or 3, there is a probability of 38 33 aking a net profit of $50 and a probability of losing $10. 38 Find the expected value for the $10 bet that the outcome is 00, 0, 1, 2, or 3. Which bet is better: a $10 bet on the number 11 or a $10 bet that the outcome is any one of the numbers 0, 1, 2, or 3? Why? he expected value is $. und to the nearest cent as needed.) of

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Author:Amos Gilat
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Chapter1: Starting With Matlab
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When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 11 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
5
bet for a single number is - $1.06. For the $10 bet that the outcome is 00, 0, 1, 2, or 3, there is a probability of
38
making a net profit of $50 and a probability of losing $10.
33
38
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 11 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.)
of
Transcribed Image Text:When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 11 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 5 bet for a single number is - $1.06. For the $10 bet that the outcome is 00, 0, 1, 2, or 3, there is a probability of 38 making a net profit of $50 and a probability of losing $10. 33 38 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 11 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.) of
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