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?

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Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

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.