Business, 18.07.2019 04:30 gobbler80

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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