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utcome is 00, 0, or 1, there is a probability of 38 of making a net profit of $60 and a 38 probability of losing $20. xpected value for the $20 bet that the outcome is 00, 0, or 1. is better: a $20 bet on the number 19 or a $20 bet that the outcome is any one of the numbers 00, 0, or 1? Why?

utcome is 00, 0, or 1, there is a probability of 38 of making a net profit of $60 and a 38 probability of losing $20. xpected value for the $20 bet that the outcome is 00, 0, or 1. is better: a $20 bet on the number 19 or a $20 bet that the outcome is any one of the numbers 00, 0, or 1? Why?

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Please answer A and B.

When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 19 or to bet $20 that the outcome is any one of the three possibilities 00, 0, or 1. The gambler knows that the expected value of the $20 bet for a single number is - $1.05. For the $20 3 35 bet that the outcome is 00, 0, or 1, there is a probability of of making a net profit of $60 and a probability of losing $20. 38 38 a. Find the expected value for the $20 bet that the outcome is 00, 0, or 1. b. Which bet is better: a $20 bet on the number 19 or a $20 bet that the outcome is any one of the numbers 00, 0, or 1? Why?
Transcribed Image Text:When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 19 or to bet $20 that the outcome is any one of the three possibilities 00, 0, or 1. The gambler knows that the expected value of the $20 bet for a single number is - $1.05. For the $20 3 35 bet that the outcome is 00, 0, or 1, there is a probability of of making a net profit of $60 and a probability of losing $20. 38 38 a. Find the expected value for the $20 bet that the outcome is 00, 0, or 1. b. Which bet is better: a $20 bet on the number 19 or a $20 bet that the outcome is any one of the numbers 00, 0, or 1? Why?
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