When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 21 or to bet $10 that the outcome is any one of the three possibilities 00, 0, or 1. The gambler knows that the expected value of the $10 bet for a single number is −53¢. For the $10 bet that the outcome is 00, 0, or 1, there is a probability of 338 of making a net profit of $30 and a 3538 probability of losing $10. a. Find the expected value for the $10 bet that the outcome is 00, 0, or 1. b. Which bet is better: a $10 bet on the number 21 or a $10 bet that the outcome is any one of the numbers 00, 0, or 1? Why? a. The expected value is $enter your response here. (Round to the nearest cent as needed.) b. Since the expected value of the bet on the number 21 is ▼ greater less than the expected value for the bet that the outcome is 00, 0, or 1, the bet on ▼ 00, 0, or 1 the single number
When playing roulette at a casino, a gambler is trying to decide whether to bet $10 on the number 21 or to bet $10 that the outcome is any one of the three possibilities 00, 0, or 1. The gambler knows that the expected value of the $10 bet for a single number is −53¢. For the $10 bet that the outcome is 00, 0, or 1, there is a probability of 338 of making a net profit of $30 and a 3538 probability of losing $10. a. Find the expected value for the $10 bet that the outcome is 00, 0, or 1. b. Which bet is better: a $10 bet on the number 21 or a $10 bet that the outcome is any one of the numbers 00, 0, or 1? Why? a. The expected value is $enter your response here. (Round to the nearest cent as needed.) b. Since the expected value of the bet on the number 21 is ▼ greater less than the expected value for the bet that the outcome is 00, 0, or 1, the bet on ▼ 00, 0, or 1 the single number
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
Related questions
Question
When playing roulette at a casino, a gambler is trying to decide whether to bet
expected value of the
$10
on the number
21
or to bet
$10
that the outcome is any one of the
three
possibilities
00, 0, or 1.
The gambler knows that the $10
bet for a single number is
−53¢.
For the
$10
bet that the outcome is
00, 0, or 1,
there is a probability of
338
of making a net profit of
$30
and a
3538
probability of losing
$10.
a. Find the expected value for the
$10
bet that the outcome is
00, 0, or 1.
b. Which bet is better: a
$10
bet on the number
21
or a
$10
bet that the outcome is any one of the numbers
00, 0, or 1?
Why?a. The expected value is
$enter your response here.
(Round to the nearest cent as needed.)
b. Since the expected value of the bet on the number
than the expected value for the bet that the outcome is
21
is
▼
greater
less
00, 0, or 1,
the bet on
▼
00, 0, or 1
the single number
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