A modified roulette wheel has 44 slots. One slot is 0, another is 00, and the ot

Question

A modified roulette wheel has 44 slots. One slot is 0, another is 00, and the others are numbered 1 through 42, respectively You are placing a bet that the outcome is an even number. (In roulette, 0 and 00 are neither odd nor even.) 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 even number, the payoff odds are 1: 1 How much profit do you make if you bet $20 and win? If you win, the payoff is $ d. How much profit should you make an the $20 it 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.)

Explanation / Answer

a) Total even number = 21

P(winning) = 21/44

b) Favourable outcome for winning = 21

unfavourable outcome for winning = 44 - 21 = 23

odds agins winning = unfavourable outcome for winning / Favourable outcome for winning = 23/21

c) If you win the payoff is $40

d) Now the odds will be 23/21

If payoff odds are 23:21 (odds against), a win get back your bet $23 for every $21 bet

520/21 = 24.7619

If you bet $520 and win, you get back 520 + 24.7619(23) = $1089.52 and your profit is 569.52

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