Business, 24.06.2020 20:01, mercedezosborne
When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 13 or to bet $5 that the outcome is any one of the three possibilities 00 comma 0 comma or 1. The gambler knows that the expected value of the $5 bet for a single number is negative 0.53 cents. For the $5 bet that the outcome is 00 comma 0 comma or 1, there is a probability of StartFraction 3 Over 38 EndFraction of making a net profit of $20 and a StartFraction 35 Over 38 EndFraction probability of losing $5. a. Find the expected value for the $5 bet that the outcome is 00 comma 0 comma or 1. b. Which bet is better: a $5 bet on the number 13 or a $5 bet that the outcome is any one of the numbers 00 comma 0 comma or 1? Why?
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When playing roulette at a casino, a gambler is trying to decide whether to bet $5 on the number 13...
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