When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 26 or bet $20 that the outcome is any 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 $

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A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Concept explainers

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

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When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 26 or bet $20 that the outcome is any 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 bet the outcome is 00,0,or1, there is a probability of 3/38 of making a net profit of $80 and a 35/38 probability of losing $20.

a) Find the expected value for the $20 bet that the outcome is 00,0,or1.

b) Which bet is better, a $20 bet on the number 26 or a $20 bet that the outcome is any one of the numbers 00,0,or 1? Why?

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