When playing roulette at a​ casino, a gambler is trying to decide whether to bet $15 on the number 23 or to bet $15 that the outcome is any one of the three possibilities 00, 0 , or 100, 0, or 1. The...



When playing roulette at a​ casino, a gambler is trying to decide whether to bet $15 on the number 23 or to bet $15 that the outcome is any one of the three possibilities 00, 0 , or 100, 0, or 1. The gambler knows that the expected value of the $15 bet for a single number is -0.79 cents−0.79¢.
For the ​$15 bet that the outcome is 00, 0 , or 100, 0, or 1​,there is a probability of 3/38 of making a net profit of​$60 and a 35/38 probability of losing $15

a. Find the expected value for the ​$15bet that the outcome is
00 , 0 ,or 100, 0, or 1.


b. Which bet is​ better: a
​$15 bet on the number 23

or a
​$15

bet that the outcome is any one of the numbers
00 ,0 ,or 100, 0, or 1​?

​Why?







Jun 04, 2022
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here