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...

When playing roulette at a​ casino, a gambler is trying to decide whether to bet

on the number

or to bet

that the outcome is any one of the

possibilities

The gambler knows that the expected value of the

bet for a single number is

For the

bet that the outcome is

there is a probability of

of making a net profit of

and a

probability of losing

a. Find the expected value for the

bet that the outcome is

b. Which bet is​ better: a

bet on the number

or a

bet that the outcome is any one of the numbers

​Why?

a. The expected value is

​(Round to the nearest cent as​ needed.)

b. Since the expected value of the bet on the number

is

than the expected value for the bet that the outcome is

the bet on

is better.