From Example 8, we know that the expected value of the $5 bet for a single number
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From Example 8, we know that the expected value of the $5 bet for a single number is -26c. For the $5 bet that the outcome is 0, 00, 1, 2, or 3, there is a probability of 5/38 of making a net profit of $30 and a 33/38 probability of losing $5.
a. Find the expected value for the $5 bet that the outcome is 0, 00, 1, 2, or 3.
b. Which bet is better: a $5 bet on the number 27 or a $5 bet that the outcome is 0, 00, 1, 2, or 3? Why?
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Related Book For 
Elementary Statistics Using Excel Pearson New
ISBN: 978-1292041766
5th Edition
Authors: Mario F Triola
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