When playing roulette at a casino, a gambler is trying to decide whether to bet $15on the number 27 or to bet $15 that the outcome is any one of the five possibilities 00, 0, 1, 2, or 3. The gambler knows that the expected value of the $15 bet for a single number is −0.79¢. For the $15 bet that the outcome is 00, 0, 1, 2, or 3, there is a probability of 538 of making a net profit of $90 and a 3338 probability of losing $15. a. Find the expected value for the $15 bet that the outcome is 00, 0, 1, 2, or 3. b. Which bet is better: a $15 bet on the number 27 or a $15 bet that the outcome is any one of the numbers 00, 0, 1, 2, or 3? Why?
When playing roulette at a casino, a gambler is trying to decide whether to bet $15on the number 27 or to bet $15 that the outcome is any one of the five possibilities 00, 0, 1, 2, or 3. The gambler knows that the expected value of the $15 bet for a single number is −0.79¢. For the $15 bet that the outcome is 00, 0, 1, 2, or 3, there is a probability of 538 of making a net profit of $90 and a 3338 probability of losing $15. a. Find the expected value for the $15 bet that the outcome is 00, 0, 1, 2, or 3. b. Which bet is better: a $15 bet on the number 27 or a $15 bet that the outcome is any one of the numbers 00, 0, 1, 2, or 3? Why?
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.8: Probabilities Of Disjoint And Overlapping Events
Problem 2C
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Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
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When playing roulette at a casino, a gambler is trying to decide whether to bet $15on the number 27 or to bet $15 that the outcome is any one of the
five possibilities 00, 0, 1, 2, or 3. The gambler knows that the expected value of the $15 bet for a single number is −0.79¢. For the $15 bet that the outcome is 00, 0, 1, 2, or 3, there is a probability of 538 of making a net profit of $90 and a 3338 probability of losing $15.
a. Find the expected value for the $15 bet that the outcome is 00, 0, 1, 2, or 3.
b. Which bet is better: a $15 bet on the number 27 or a $15 bet that the outcome is any one of the numbers 00, 0, 1, 2, or 3? Why?
a. The expected value is $nothing.
(Round to the nearest cent as needed.)
b. Since the expected value of the bet on the number 27 is ▼ greater, less
than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3,
the bet on ▼ the single number 00, 0, 1, 2, or 3 is better.
than the expected value for the bet that the outcome is 00, 0, 1, 2, or 3,
the bet on ▼ the single number 00, 0, 1, 2, or 3 is better.
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