When playing roulette at a casino, a gambler is trying to decide whether to bet $15 on the number 23 or to bet $15 that the outcome is any one of the three possibilities00, 0, or 1. The gambler knows that the expected value of the $15 bet for a single number is -$1.58. For the $15 bet that the outcome is 00, 0, or 1, there is a3probability of3538of making a net profit of $45 and a38probability of losing $15.a. Find the expected value for the $15 bet that the outcome is 00, 0, or 1.b. Which bet is better: a $15 bet on the number 23 or a $15 bet that the outcome is any one of the numbers 00, 0, or 12 Why?a. The expected value is $.(Round to the nearest cent as needed.)b. Since the expected value of the bet on the number 23 isV than the expected value for the bet that the outcome is 00, 0, or 1, the bet onV is better.

Name: When playing roulette at a casino, a gambler is trying to decide whet
Uploaded: 2024-03-20T07:06:41.000Z
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Description: When playing roulette at a casino, a gambler is trying to decide whether to bet $15 on the number 23 or to bet $15 that the outcome is any one of the three possibilities00, 0, or 1. The gambler knows that the expected value of the $15 bet for a sing

Reviewing information, Expected value of $15 bet for 23 =-$1.58 For $15 bet on outcome 00,0,1…

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When playing roulette at a casino, a gambler is trying to decide whether to bet $15 on the number 23 or to bet $15 that the outcome is any one of the three possibilities 00, 0, or 1. The gambler knows that the expected value of the $15 bet for a single number is - $1.58. For the $15 bet that the outcome is 00, 0, or 1, there is a 3 of making a net profit of $45 and a 35 probability of 38 probability of losing $15. 38 a. Find the expected value for the $15 bet that the outcome is 00,0, or 1. b. Which bet is better: a $15 bet on the number 23 or a $15 bet that the outcome is any one of the numbers 00, 0, or 1? Why? a. The expected value is $. (Round to the nearest cent as needed.) b. Since the expected value of the bet on the number 23 is V than the expected value for the bet that the outcome is 00 0, or 1, the bet on V is better.