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when playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 17 or to bet $10 that
when playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 17 or to bet $10 that the outcome is any one of five possibilities 00,0,1,2 or 3. The gambler knows that the expected value of the $10 bet for a single number is -$1.06. For the $10 bet that the outcome is 00,0,1,2, or 3 there is a probability of 5/38 of making a net profit of $60 and a 33/38 probability of losing $10.
- find the expected value for the $10 bet that the outcome is 00,0,1,2, or 3
- which bet is better:a $10 bet on the number 17 or a $10 bet that the outcome is any one of the numbers 00,0,1,2,3
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