Extracted text: When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 25 or to bet $10 that the outcome is any one of the five possibilities 00, 0, 1, 2, or 3. The gambler 33 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 a probability of of making a net profit of $60 and a 38 5 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 25 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 25 is than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3, the bet on is better. 00, 0, 1, 2, or 3 the single number
Extracted text: When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 25 or to bet $10 that the outcome s any one of the five possibilities 00, 0, 1, 2, or 3. The gambler 5 33 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 a probability of of making a net profit of $60 and a 38 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 25 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 25 is than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3, the bet on is better. greater less