A modified roulette wheel has 32 slots. One slot is U, the others are numbered 1 through 30, respectively. You are placing a bet that the outcome is an even number. (In roulette, 0 and 00 are neither odd nor even.) A .What is your probability of winning? The probability of winning is B. What are the actual odds against winning? 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 $ 20 and win?
A modified roulette wheel has 32 slots. One slot is U, the others are numbered 1 through 30, respectively. You are placing a bet that the outcome is an even number. (In roulette, 0 and 00 are neither odd nor even.) A .What is your probability of winning? The probability of winning is B. What are the actual odds against winning? 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 $ 20 and win?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Answer A, B, C, and D
Transcribed Image Text: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 even number. (In roulette, 0 and 00 are neither odd
nor even.)
A.What is your probability of winning?
The probability of winning is
B. What are the actual odds against winning?
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 $ 20 and win?
D. How much profit should you make on the $20 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?
Expert Solution
Step 1
" Since you have posted a question with multiple sub-parts, we will solve the first three subparts for you. To get the remaining sub-part solved, please repost the complete question and mention the subparts to be solved".
Given that n=32 and the modified roulette wheel has 32 slots. One slot is 0, another is 00, and the others are numbered 1 through 30.
Trending now
This is a popular solution!
Step by step
Solved in 5 steps
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman