When playing roulette at a casino a gambler is trying to decide whether to bet...
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When playing roulette at a casino a gambler is trying to decide whether to bet 5 on the number 13 or to bet 5 that the outcome is any one of the five possibilities 00 0 1 2 or 3 The gambler knows that the expected value of the 5 bet for a single number is 53 For the 5 bet that the outcome is 00 0 1 2 or 3 there is a probability of 5 of making a net profit of 25 and a probability of losing 5 33 38 38 a Find the expected value for the 5 bet that the outcome is 00 0 1 2 or 3 b Which bet is better a 5 bet on the number 13 or a 5 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
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