When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 25 or to bet $10 that the outcome is any one of the five possibilities 00, 0, 1, 2, or 3. The gambler 33 knows that the expected value of the $10 bet for a single number is - 53¢. For the $10 bet that the outcome is 00, 0, 1, 2, or 3, there is a probability of 5 of making a net profit of $60 and a 38 38 probability 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 25 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.) b. Since the expected value of the bet on the number 25 is than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3, the bet on is better. 00, 0, 1, 2, or 3 the single number
When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 25 or to bet $10 that the outcome is any one of the five possibilities 00, 0, 1, 2, or 3. The gambler 33 knows that the expected value of the $10 bet for a single number is - 53¢. For the $10 bet that the outcome is 00, 0, 1, 2, or 3, there is a probability of 5 of making a net profit of $60 and a 38 38 probability 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 25 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.) b. Since the expected value of the bet on the number 25 is than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3, the bet on is better. 00, 0, 1, 2, or 3 the single number
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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![When playing roulette at a casino, a gambler is deciding whether to bet $10 on the number 25, or to bet $10 on the outcome being 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 -53¢. For the $10 bet that the outcome is 00, 0, 1, 2, or 3, there is a probability of \(\frac{5}{38}\) of making a net profit of $60 and a \(\frac{33}{38}\) probability 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 25 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.)
b. Since the expected value of the bet on the number 25 is [▼] than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3, the bet on [▼] is better.
Options for [▼]:
- Greater
- Less
Options for the second [▼]:
- 00, 0, 1, 2, or 3
- the single number](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F902e7e06-dd9d-47fe-961b-7a721406cdf1%2F9d5544ee-4706-4259-840b-57098eb734cc%2Fgy20ytb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:When playing roulette at a casino, a gambler is deciding whether to bet $10 on the number 25, or to bet $10 on the outcome being 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 -53¢. For the $10 bet that the outcome is 00, 0, 1, 2, or 3, there is a probability of \(\frac{5}{38}\) of making a net profit of $60 and a \(\frac{33}{38}\) probability 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 25 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.)
b. Since the expected value of the bet on the number 25 is [▼] than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3, the bet on [▼] is better.
Options for [▼]:
- Greater
- Less
Options for the second [▼]:
- 00, 0, 1, 2, or 3
- the single number
![When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 25 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 -53¢. For the $10 bet that the outcome is 00, 0, 1, 2, or 3, there is a probability of \(\frac{5}{38}\) of making a net profit of $60 and a \(\frac{33}{38}\) probability 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 25 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 $ [ \hspace{5cm} ].
(Round to the nearest cent as needed.)
b. Since the expected value of the bet on the number 25 is [ ▼ ] than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3, the bet on [ ▼ ] is better.
- Multiple-choice options provided:
- For the comparison: "greater", "less".
- For the bet selection: "number 25", "00, 0, 1, 2, or 3".
**Diagram Explanation:**
There are dropdown boxes to choose options for parts a and b:
- Box 1 (in part a): Indicates the expected monetary value of the $10 bet.
- Box 2 (in part b): Compares expected values as "greater" or "less".
- Box 3 (in part b): Selects the better bet option from "number 25" or "00, 0, 1, 2, or 3".](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F902e7e06-dd9d-47fe-961b-7a721406cdf1%2F9d5544ee-4706-4259-840b-57098eb734cc%2Ftlr5u79_processed.jpeg&w=3840&q=75)
Transcribed Image Text:When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 25 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 -53¢. For the $10 bet that the outcome is 00, 0, 1, 2, or 3, there is a probability of \(\frac{5}{38}\) of making a net profit of $60 and a \(\frac{33}{38}\) probability 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 25 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 $ [ \hspace{5cm} ].
(Round to the nearest cent as needed.)
b. Since the expected value of the bet on the number 25 is [ ▼ ] than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3, the bet on [ ▼ ] is better.
- Multiple-choice options provided:
- For the comparison: "greater", "less".
- For the bet selection: "number 25", "00, 0, 1, 2, or 3".
**Diagram Explanation:**
There are dropdown boxes to choose options for parts a and b:
- Box 1 (in part a): Indicates the expected monetary value of the $10 bet.
- Box 2 (in part b): Compares expected values as "greater" or "less".
- Box 3 (in part b): Selects the better bet option from "number 25" or "00, 0, 1, 2, or 3".
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