When playing roulette at a​ casino, a gambler is trying to decide whether to bet ​$5 on the number 19 or to bet ​$5 that the outcome is any one of the three possibilities 00, 0, or 1. The gambler knows that the expected value of the ​$5 bet for a single number is −0.53¢. For the ​$5 bet that the outcome is 00, 0, or 1​, there is a probability of 338 of making a net profit of ​$15 and a 3538 probability of losing ​$5. a. Find the expected value for the ​$5 bet that the outcome is 00, 0, or 1. b. Which bet is​ better: a ​$5 bet on the number 19 or a ​$5 bet that the outcome is any one of the numbers

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When playing roulette at a​ casino, a gambler is trying to decide whether to bet
​$5
on the number
19
or to bet
​$5
that the outcome is any one of the
three
possibilities
00, 0, or 1.
The gambler knows that the expected value of the
​$5
bet for a single number is
−0.53¢.
For the
​$5
bet that the outcome is
00, 0, or 1​,
there is a probability of
338
of making a net profit of
​$15
and a
3538
probability of losing
​$5.
a. Find the expected value for the
​$5
bet that the outcome is
00, 0, or 1.
b. Which bet is​ better: a
​$5
bet on the number
19
or a
​$5
bet that the outcome is any one of the numbers
00, 0, or 1​?
​Why?
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