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When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 29 or to bet $5 that
When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 29 or to bet $5 that the outcome is any one of the three possibilities 00, 0, or 1. The gambler knows that the 35 expected value of the $5 bet for a single number is -26e. For the $5 bet that the outcome is 00, 0, or 1, there is a probability of - of making a net profit of $20 and a 2, 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 29 or a $5 bet that the outcome is any one of the numbers 00, 0, or 1? Why
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