When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 36 or to bet $20 that the outcome is any one of the

three possibilities 00,0,or1. The gambler knows that the expected value of the $20 bet for a single number is $2.10. For the $20 bet that the outcome is 00,0,or1, here is a probability of 3/38 of making a net profit of

$60 and a 35/38 probability of losing $20.

a. Find the expected value for the $20 bet that the outcome is 00,0,or1.

b. Which bet is better: a $20 bet on the number 36 or a $20 bet that the outcome is any one of the numbers 00,0,or1? Why?

a. The expected value is __

(Round to the nearest cent as needed.)

b. Since the expected value of the bet on the number 36 is (greater or less) than the expected value for the bet that the outcome is 00,0,or1, the bet on (the single number or 00,0, 1) is better.