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 even 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 even 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 $. d. 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.)

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 even 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 even 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 $. d. 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.)

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Description: 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 aneven number. (In roulette, 0 and 00 are neither odd nor even.)a. What is your p

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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Concept explainers

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.

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Question

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
even number. (In roulette, 0 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 even 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 $
d. 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?
$4
(Round to the nearest cent as needed.)

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