Elementary Statistics (12th Edition)

Published by Pearson
ISBN 10: 0321836960
ISBN 13: 978-0-32183-696-0

Chapter 5 - Discrete Probability Distributions - 5-2 Probability Distributions - Beyond the Basics: 25

Answer

a)-0.39 b) A bet on number 27.

Work Step by Step

a)The expected value is: $30\cdot \frac{5}{38}+(-5)\cdot\frac{33}{38}=-0.29$ b)The expected number of betting on number 27 is more than betting on the 5 numbers, therefore it is better.
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