do it urgent needed
16. When playing roulette at a casino,a gambler is trying to decide whether to bet $20 on the number 18 or to bet s20 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 $20 bet for a single number is -$2.10.For the $20 bet that the outcome is 5 33 00,0,1,2,or 3,there is a probability of 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 S20 bet on the number 18 or a S20 bet that the outcome is any one of the numbers 00,0,1,2,or 3? Why
a.The expected value is S (Round to the nearest cent as needed.)
b.Since the expected value of the bet on the number 18 is (1)
than the expected value for the bet that the outcome is 00,0,1,2,or 3,the bet on
(2)
is better.
(1) O less O greater
2Othe single number O00,0,1,2,or 3