When playing roulette at a casino, a gambler is trying to decide whether to bet$5on the number19or to bet$5that the outcome is any one of thethreepossibilities00, 0, or 1.The gambler knows that the expected value of the$5bet for a single number is−0.53¢.For the$5bet that the outcome is00, 0, or 1,there is a probability of338of making a net profit of$15and a3538probability of losing$5.a. Find the expected value for the$5bet that the outcome is00, 0, or 1.b. Which bet is better: a$5bet on the number19or a$5bet that the outcome is any one of the numbers00, 0, or 1?Why?

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Description: When playing roulette at a casino, a gambler is trying to decide whether to bet$5on the number19or to bet$5that the outcome is any one of thethreepossibilities00, 0, or 1.The gambler knows that the expected value of the$5bet for a single number i

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College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter9: Counting And Probability

Section9.3: Binomial Probability

Problem 2E: If a binomial experiment has probability p success, then the probability of failure is...

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When playing roulette at a casino, a gambler is trying to decide whether to bet

on the number

or to bet

that the outcome is any one of the

three

possibilities

00, 0, or 1.

The gambler knows that the expected value of the

bet for a single number is

−0.53¢.

For the

bet that the outcome is

00, 0, or 1,

there is a probability of

338

of making a net profit of

$15

and a

3538

probability of losing

$5.

a. Find the expected value for the

bet that the outcome is

00, 0, or 1.

b. Which bet is better: a

bet on the number

or a

bet that the outcome is any one of the numbers

00, 0, or 1?

Why?

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