When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 32 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 −53¢. For the
When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 32 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 −53¢. For the
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
When playing roulette at a casino, a gambler is trying to decide whether to bet
expected value of the
$5
on the number
32
or to bet
$5
that the outcome is any one of the
three
possibilities
00, 0, or 1.
The gambler knows that the $5
bet for a single number is
−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
$20
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
32
or a
$5
bet that the outcome is any one of the numbers
00, 0, or 1?
Why?a. The expected value is
$enter your response here.
(Round to the nearest cent as needed.)
b. Since the expected value of the bet on the number
than the expected value for the bet that the outcome is
is better.
32
is
▼
less
greater
00, 0, or 1,
the bet on
▼
00, 0, or 1
the single number
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