Question Help A modified roulette wheel has 40 slots. One slot is 0, another is

Question

Question Help A modified roulette wheel has 40 slots. One slot is 0, another is 00, and the others are numbered 1 through 38, respectively. You are placing a bet that the outcome is an odd number.(In roulette, o and 00 are neither odd nor even.) a. What is your probability of winning? The probability of winning is Type an integer or a simplified fraction.) b. What are the actual odds against winning? 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 $14 and win? If you win, the payoff is How much profit should you make on the $14 bet if you could somehow convince the casino to change its payoff odds so that they are the same as the actual odds against winning? (Round to the nearest cent as needed ) Enter your answer in each of the answer boxes

Explanation / Answer

There are 19 odd and 19 even numbers.

a. Probability of winning = 19/40.

b. The actual odds against winning are 21 : 19.

c. Payoff = 1:1

Amount = $14*2 = $28

Profit = $28 - $14 = $14.

d. New payoff = 21 : 19

Amount = $14 * 40 / 19 = $29.45

Profit = $29.45 - $14 = $15.45.

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.