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When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 10 or to bet $5 that

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When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 10 or to bet $5 that the outcome is any one of the three possibilities 00, 0, 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 % of making a net prot of $20 and a % 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 10 or a $5 bet that the outcome is any one ofthe numbers 00, 0, or 1? Why? a. The expected value is $D. (Round to the nearest cent as needed.)

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