SOLUTION: A modified roulette wheel has 44 slots.One slot is 0, another is 00, the others are numbered 1 trough 42 respectively.You are placing a bet that an outcome is an odd number (neithe
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Question 672336: A modified roulette wheel has 44 slots.One slot is 0, another is 00, the others are numbered 1 trough 42 respectively.You are placing a bet that an outcome is an odd number (neither 0 or 00 are even or odd).
a. What is your probability of winning?
b. What are the actual odds against winning?
c. The payoff odds are 1:1. How much profit do you make if you bet $14 and win?
d. How much profit should you make on a $14 bet if the payoff odds are the same as the actual odds against winning?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A modified roulette wheel has 44 slots.One slot is 0, another is 00, the others are numbered 1 trough 42 respectively.You are placing a bet that an outcome is an odd number (neither 0 or 00 are even or odd).
a. What is your probability of winning?
P(win) = 21/44 = 0.48
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b. What are the actual odds against winning?
odds against = # of ways to lose: # of ways to win = 23:21
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c. The payoff odds are 1:1. How much profit do you make if you bet $14 and win?
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d. How much profit should you make on a $14 bet if the payoff odds are the same as the actual odds against winning?
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Comment: I'm not up on gambling odds and their payoff.
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Cheers,
Stan H.
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