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Probability
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 outoome is an even number, the payoff odds are 1:1. How much profit do you make if you bet $18 and win?

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 outoome is an even number, the payoff odds are 1:1. How much profit do you make if you bet $18 and win?

A First Course in Probability (10th Edition)
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
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A1 a modified roulette table has 32 slots.
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 (Type an integer or a simplified fraction.) b. What are the actual odds against winning? The actual odds against winning areHO 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 $18 and win? If you win, the payoff is S d. How much profit should you make on the $18 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? S (Round to the nearest cent as needed.)
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 (Type an integer or a simplified fraction.) b. What are the actual odds against winning? The actual odds against winning areHO 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 $18 and win? If you win, the payoff is S d. How much profit should you make on the $18 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? S (Round to the nearest cent as needed.)
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