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
Algebra ->
Probability-and-statistics
-> 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
Log On
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
------------------------------
b. What are the actual odds against winning?
odds against = # of ways to lose: # of ways to win = 23:21
------------------------------
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?
----------
Comment: I'm not up on gambling odds and their payoff.
===============
Cheers,
Stan H.
(