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Expected Value in Roulette When playing roulette at the Venetian casino in Las Vegas, a

Elementary Statistics | 12th Edition | ISBN: 9780321836960 | Authors: Mario F. Triola ISBN: 9780321836960 18

Solution for problem 25 Chapter 5-2

Elementary Statistics | 12th Edition

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Elementary Statistics | 12th Edition | ISBN: 9780321836960 | Authors: Mario F. Triola

Elementary Statistics | 12th Edition

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Problem 25

Expected Value in Roulette When playing roulette at the Venetian casino in Las Vegas, a gambler is trying to decide whether to bet $5 on the number 27 or to bet $5 that the outcome is any one of these five possibilities: 0, 00, 1, 2, 3. From Example 8, we know that the expected value of the $5 bet for a single number is 26 . For the $5 bet that the outcome is 0, 00, 1, 2, or 3, there is a probability of 5/38 of making a net profit of $30 and a 33/38 probability of losing $5. a. Find the expected value for the $5 bet that the outcome is 0, 00, 1, 2, or 3. b. Which bet is better: a $5 bet on the number 27 or a $5 bet that the outcome is 0, 00, 1, 2, or 3? Why?

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STP 231 lectures covering 2.1­2.4 I.) 2.1 section about variables. Variables are things that are a part of your study that can be defined. Upper case letters represent the definition of the variable, which could be height, gender, number of home runs, etc. Lower case letters represent values of the variable,...

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Chapter 5-2, Problem 25 is Solved
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Textbook: Elementary Statistics
Edition: 12
Author: Mario F. Triola
ISBN: 9780321836960

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Expected Value in Roulette When playing roulette at the Venetian casino in Las Vegas, a

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