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When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 21 or to bet $5 that
When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 21 or to bet $5 that the outcome is any one of the three possibilities 00, O, or 1. The gambler knows that the expected value of the $5 bet for a single number is 26. For the $5 bet that the outcome is 00, 0, or 1, there is a probability of 3 35 E of making a net profit of $15 and a g probability of losing $5. 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 21 or a $5 bet that the outcome is any one of the numbers 00, 0, or 1? Why? (3 a. The expected value is $|:|. (Round to the nearest cent as needed.)
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