Answer :
Step-by-step explanation:
Consider the provided information.
It is given that the modified roulette wheel has 36 slots {0,00,1...34}
You are placing a bet that the outcome is an odd number.
The odd number from 1 to 34 is 17.
Part (A)
The probability of winning is:
[tex]Probability = \frac{\text{Number of favorable outcomes}}{\text{Total number of outcomes}}[/tex]
[tex]P (Win)=\frac{17}{36}[/tex]
[tex]P (Win)=0.472[/tex]
Hence, the number of probability of winning is 0.471
Part (B)
The actual odd against winning is:
Odd against = Way to lose : Way to win
As we know way to win are 17, thus the way to lose are 19.
Odd against = 19 : 17
Hence, the odd against is 19:17.
Part (C)
If you bet $15 that the out come is an odd number, the payoff odds are 1:1.
Here, 1:1 means that you will get a profit of $1 for every $1 of bet.
So, if the bet is $15 then the profit will be $15.
Hence, the profit do you make if you bet $15 and win $15.
Part (D)
Now we need to find pay off if you win.
The payoff will be $15+$15=$30
If you win the bet then the payoff will be the $30.
Answer:
a) 17/36
b) 19/17
c) $15
d) $30
Step-by-step explanation:
Total number of slots, n : 36
Number either even nor odd, : 2
Even numbers will be:
{2,4,6,8,10,12,14,16,18,20,22,24,26,28,30,32,34}= 17
Odd numbers: {1,3,5,7,9,11,13,15,17,19,21,23,25,27,29,31,33}= 17
a) placing a bet an outcome is an odd number:
Probability of winning=
(Odd numbers/ total number
= 17/36
b) actual odds against winning=
Ways of losing/ways of winning
= 19/17
c) since the payoff odd is 1:1 and I staked $15, it means I will have a profit of $15 if I win. 1:1 means your profit will equal your stake.
To calculate, we use
(a*c)/b
Here,
a : b = payoff odds
c = stake
We have:
(1*15)/1 = $15
d) Hence, if I win, the payoff would be:
$15+$15 = $30