A modified roulette wheel has 3636 slots. One slot is 0, another is 00, and the others are numbered 1 through 3434, respectively. You are placing a bet that the outcome is an oddodd number. (In roulette, 0 and 00 are neither odd nor even.) a. What is your probability of winning? The probability of winning is nothing. (Type an integer or a simplified fraction.) b. What are the actual odds against winning? The actual odds against winning are nothing:nothing. c. When you bet that the outcome is an oddodd number, the payoff odds are 1:1. How much profit do you make if you bet $1414 and win? If you win, the payoff is $nothing. d. How much profit should you make on the $1414 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?
A modified roulette wheel has 3636 slots. One slot is 0, another is 00, and the others are numbered 1 through 3434, respectively. You are placing a bet that the outcome is an oddodd number. (In roulette, 0 and 00 are neither odd nor even.) a. What is your probability of winning? The probability of winning is nothing. (Type an integer or a simplified fraction.) b. What are the actual odds against winning? The actual odds against winning are nothing:nothing. c. When you bet that the outcome is an oddodd number, the payoff odds are 1:1. How much profit do you make if you bet $1414 and win? If you win, the payoff is $nothing. d. How much profit should you make on the $1414 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?
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
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Question
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A modified roulette wheel has
3636
slots. One slot is 0, another is 00, and the others are numbered 1 through
3434,
respectively. You are placing a bet that the outcome is an
oddodd
number. (In roulette, 0 and 00 are neither odd nor even.)a. What is your probability of winning?
The probability of winning is
nothing.
(Type an integer or a simplified fraction.)
b. What are the actual odds against winning?
The actual odds against winning are
nothing:nothing.
c. When you bet that the outcome is an
oddodd
number, the payoff odds are 1:1. How much profit do you make if you bet
$1414
and win?If you win, the payoff is
$nothing.
d. How much profit should you make on the
$1414
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
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