When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 34 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 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 5/35of making a net profit of $60 and a 33/38 possibility of losing $10. 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 34 or a $10 bet that the outcome is any one of the numbers 00, 0, 1, 2, or 3? Why?

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When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 34 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 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 5/35of making a net profit of $60 and a 33/38 possibility of losing $10.

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 34 or a $10 bet that the outcome is any one of the numbers 00, 0, 1, 2, or 3? Why?

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