When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 13 or to bet $20 that the outcome is any one of the five possibilities00, 0, 1, 2, or 3. The gambler knows that the expected value of the $20 bet for a single number is - $2.10. For the $20 bet that the outcome is 00, 0, 1, 2, or 3, there is53338a probability of of making a net profit of $100 and a38probability of losing $20.a. Find the expected value for the $20 bet that the outcome is 00, 0, 1, 2, or 3.b. Which bet is better: a $20 bet on the number 13 or a $20 bet that the outcome is any one of the numbers 00, 0, 1, 2, or 3? Why?(...

We have given that Probability of making a net profit $100 is 5/38 Probability of losing $20 is…

Answered: When playing roulette at a casino, a…

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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Similar questions

Four people buy raffle tickets and place all of their tickets into a hat. Raphael bought 8 tickets, Leonardo bought 3 tickets, Michelangelo bought 4 tickets, and Donatello bought 14 tickets. If a person randomly selects one raffle ticket from the hat, what is the probability that Raphael purchased the ticket? Write your answer as a decimal and round three decimal places.
Suppose that you have 7 coins: 3 dimes, 3 quarters, and 1 nickels. Two coins are selected at random. What is the probability that the value of the coins you choose is exactly 15 cents? What is the probability that the value of the coins you choose is exactly 50 cents?
You draw a card from a deck of 52 cards. If the card is a spade, you win $5, but if the card is not a spade you lose $2.What is your expected earning from this game?
Your friend offers to place a bet with you. He will pay you $2 if your favorite sports team wins the game on Tuesday night. But you will pay him $3 if his team wins. Your team has an 55% chance of winning, whereas his only has a 45% chance. This bet is in your favor. True or False?
A game-show spinner has these odds of stopping on particular dollar values: 55% for $50, 20% for $100, 15% for $500, and 10% for $1000. What are the odds of a player winning $50 or $100?
Laura has a bag with 8 balls numbered 1 through 8. She is playing a game of chance. This game is this: Laura chooses one ball from the bag at random. She wins $1 if the number 1 is selected, $2 if the number 2 is selected, $5 if the number 3 is selected, $6 if the number 4 is selected, $8 if the number 5 is selected, and $10 if the number 6 is selected. She loses $14 if 7 or 8 is selected. (a) Find the expected value of playing the game. dollars (b) What can Laura expect in the long run, after playing the game many times? (She replaces the ball in the bag each time.) O Laura can expect to gain money. She can expect to win dollars per selection. O Laura can expect to lose money. She can expect to lose dollars per selection. O Laura can expect to break even (neither gain nor lose money). X
Suppose you have created a new playlist made up of 6 songs (2 rock, 2 hip-hop, and 2 trance). Find the probability that if the iPod is on shuffle, the first song played will be hip-hop and the second played will be trance. Your answer should be in fraction form.

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