When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 31 or to bet $20 that the outcome is any one of the three possibilities00, 0, or 1. The gambler knows that the expected value of the $20 bet for a single number is - $2.10. For the $20 bet that the outcome is 00, 0, or 1, there is a3probability ofof making a net profit of $60 and a35probability of losing $20.3838a. Find the expected value for the $20 bet that the outcome is 00, 0, or 1.b. Which bet is better: a $20 bet on the number 31 or a $20 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 31 isthan 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
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Description: When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 31 or to bet $20 that the outcome is any one of the three possibilities00, 0, or 1. The gambler knows that the expected value of the $20 bet for a sing

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When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 31 or to bet $20 that the outcome is any one of the three possibilities 00, 0, or 1. The gambler knows that the expected value of the $20 bet for a single number is - $2.10. For the $20 bet that the outcome is 00, 0, or 1, there is a probability of 38 35 of making a net profit of $60 and a 20 probability of losing $20. a. Find the expected value for the $20 bet that the outcome is 00, 0, or 1. b. Which bet is better: a $20 bet on the number 31 or a $20 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 31 is V than the expected value for the bet that the outcome is 00, 0, or 1, the bet on V is better.

When playing roulette at a casino, a gambler is trying to decide whether to bet $20 on the number 31 or to bet $20 that the outcome is any one of the three possibilities 00, 0, or 1. The gambler knows that the expected value of the $20 bet for a single number is - $2.10. For the $20 bet that the outcome is 00, 0, or 1, there is a probability of 38 35 of making a net profit of $60 and a 20 probability of losing $20. a. Find the expected value for the $20 bet that the outcome is 00, 0, or 1. b. Which bet is better: a $20 bet on the number 31 or a $20 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 31 is V than the expected value for the bet that the outcome is 00, 0, or 1, the bet on V is better.

Algebra and Trigonometry (MindTap Course List)

4th Edition

ISBN:9781305071742

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter14: Counting And Probability

Section14.CR: Chapter Review

Problem 9CC: a Suppose that a game gives payouts a1,a2,...,an with probabilities p1,p2,...pn. What is the...

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