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 100, 0, or 1. The gambler knows that the expected value of the $15 bet for a single number is -0.79 cents−0.79¢.For the ​$15 bet that the outcome is 00, 0 , or 100, 0, or 1​,there is a probability of 3/38 of making a net profit of​$60 and a 35/38 probability of losing $15 a. Find the expected value for the ​$15bet that the outcome is 00 , 0 ,or 100, 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 100, 0, or 1​? ​Why?

Question
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 100, 0, or 1. The gambler knows that the expected value of the $15 bet for a single number is -0.79 cents−0.79¢.
For the ​$15 bet that the outcome is 00, 0 , or 100, 0, or 1​,there is a probability of 3/38 of making a net profit of​$60 and a 35/38 probability of losing $15
a. Find the expected value for the ​$15bet that the outcome is
00 , 0 ,or 100, 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 100, 0, or 1​?
​Why?
 

 

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