When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 13 or to bet $10 that the outcome is any one of the five possibilities 00, 0, 1, 2, or 3. The gambler knows thatthe 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 5/38 of making a net profit of $60 and a 33/38 probability of losing $10. Find the expected value

When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 13 or to bet $10 that the outcome is any one of the five possibilities 00, 0, 1, 2, or 3. The gambler knows thatthe 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 5/38 of making a net profit of $60 and a 33/38 probability of losing $10. Find the expected value

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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Question

Find the expected value for the $10 bet that the outcome is 00, 0, 1, 2, or 3.
Which bet is better: a $10 bet on the number 13 or a $10 bet that the outcome is any one of the numbers 00, 0, 1, 2, or 3? Why?

When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 13 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
5
33
a probability of 38 of making a net profit of $60 and a 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 13 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 13 is (1).
is better.
(1) O greater
less
00, 0, 1, 2, or 3
the single number
than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3, the bet on

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