When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 25 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 3 for a single number is - 26¢. For the $5 bet that the outcome is 00, 0, or 1, there is a probability of of making a 38 35 net profit of $15 and a probability of losing $5. 38 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 25 or a $5 bet that the outcome is any one of the numbers 00, 0, or 1? Why? a. The expected value is $ (Round to the nearest cent as needed.)
When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 25 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 3 for a single number is - 26¢. For the $5 bet that the outcome is 00, 0, or 1, there is a probability of of making a 38 35 net profit of $15 and a probability of losing $5. 38 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 25 or a $5 bet that the outcome is any one of the numbers 00, 0, or 1? Why? a. The expected value is $ (Round to the nearest cent as needed.)
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.8: Probabilities Of Disjoint And Overlapping Events
Problem 2C
Related questions
Question
![K
When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 25 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
3
26¢. For the $5 bet that the outcome is 00, 0, or 1, there is a probability of of making a
38
35
for a single number is
net profit of $15 and a probability of losing $5.
38
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 25 or a $5 bet that the outcome is any one of the numbers 00, 0, or 1?
Why?
a. The expected value is $.
(Round to the nearest cent as needed.)
***](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3c582252-6541-4096-9706-b4f3b52fcf1c%2F43c3bea3-c612-44af-8df9-5c6126082133%2Fyuwbhia_processed.jpeg&w=3840&q=75)
Transcribed Image Text:K
When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 25 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
3
26¢. For the $5 bet that the outcome is 00, 0, or 1, there is a probability of of making a
38
35
for a single number is
net profit of $15 and a probability of losing $5.
38
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 25 or a $5 bet that the outcome is any one of the numbers 00, 0, or 1?
Why?
a. The expected value is $.
(Round to the nearest cent as needed.)
***
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