Question

A modified roulette wheel has 32 slots. one slot is 0, another is 00, and the others are numbered 1 through 30, respectively. You are placing a bet that the outcome is an odd number. (In roulette, 0 and 00 are neither odd nor even.)<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />
a. What is your probability of winning ?

The probability of winnign is ?

( type an integer or a simplified fraction)

b. What are the actual odds against winning are ?

c. When you bet that the outcome is an odd number, the payoff odds are 1:1. How much profit do you make if you bet $17 and win ?

If you win, the pay off is ?

d. How much profit should you make on the $17 bet if you could somehow convice the casino to change its payoff odds so that they are the same as the actual odds against winning ?

(rounds to the nearest cent as needed.)Type your question here

Answer 1

Answer:

0.46875 ; 1.133 ; $17 ;19.27

Step-by-step explanation:

Number of slots = 32

0, 00, {1,.. 30}

Odd outcomes = {1, 3, 5, 7, 9, 11, 13, 15, 17, 19, 21, 23, 25, 27, 29}

1.) probability of winning :

P(winning) = number of odd outcomes / tot possible outcomes

P(winning) = 15 / 32 = 0.46875

2.)

Odds against winning :

Number of losing outcomes / number of winning outcomes

Not odd numbers / odd numbers = 17 /15 = 1.133

C.)

Payoff odd = 1:1

If bet value = $17 ;

Profit made on winning = $17 * 1 = $17

d.)

If Payoff odd = odd against winning = 17 / 15

Profit on $17

17/ 15 * 17

(1.1333333) * 17

= 19.27

;