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Mathematics, 30.01.2020 18:04 Longjeremiahs5797

When playing roulette at a casino, a gambler is trying to decide whether to bet $15 on the number 34 or to bet $15 that the outcome is any one of the five possibilities 00 comma 0 comma 1 comma 2 comma or 3. the gambler knows that the expected value of the $15 bet for a single number is negative 0.79 cents. for the $15 bet that the outcome is 00 comma 0 comma 1 comma 2 comma or 3, there is a probability of startfraction 5 over 38 endfraction of making a net profit of $75 and a startfraction 33 over 38 endfraction probability of losing $15. a. find the expected value for the $15 bet that the outcome is 00 comma 0 comma 1 comma 2 comma or 3. b. which bet is better: a $15 bet on the number 34 or a $15 bet that the outcome is any one of the numbers 00 comma 0 comma 1 comma 2 comma or 3? why?

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When playing roulette at a casino, a gambler is trying to decide whether to bet $15 on the number 34...
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