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33 When playing roulette at a casino a gambler is trying to decide whether to...

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33 When playing roulette at a casino a gambler is trying to decide whether to bet 20 on the number 15 or to bet 20 that the outcome is any one of the five possibilities 00 0 1 2 or 3 The gambler 38 knows that the expected value of the 20 bet for a single number is 1 05 For the 20 bet that the outcome is 00 0 1 2 or 3 there is a probability of of making a net profit of 100 and a probability of losing 20 38 a Find the expected value for the 20 bet that the outcome is 00 0 1 2 or 3 b Which bet is better a 20 bet on the number 15 or a 20 bet that the outcome is any one of the numbers 00 0 1 2 or 3 Why a The expected value is Round to the nearest cent as needed b Since the expected value of the bet on the number 15 is COCOS than the expected value for the bet that the outcome is 00 0 1 2 or 3 the bet on is better

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