Question: Finding Expected Value in Roulette When you give a casino $5 for a bet on the number 7 in roulette, you have a 1 38

Finding Expected Value in Roulette When you give a casino $5 for a bet on the number 7 in roulette, you have a 1 38 probability of winning $175 and a 37 38 probability of losing $5. If you bet $5 that the outcome is an odd number, the probability of winning $5 is 18 38, and the probability of losing $5 is 20 38.

a. If you bet $5 on the number 7, what is your expected value?

b. If you bet $5 that the outcome is an odd number, what is your expected value?

c. Which of these options is best: bet on 7, bet on odd, or don’t bet? Why?

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