Suppose you have the opportunity to place a bet on an NBA playoff game. On Friday, June 11th, the Phoenix Suns will play the Denver Nuggets. If you wager $1 on the Phoenix Coyotes and they win, you will receive your initial $1 wager back plus an additional $1.05. If you believe that these payouts represent a fair bet, calculate the likelihood of Phoenix winning the game as determined by these payouts. Round your answer to the nearest percentage point. That is, if you estimate the likelihood to be 21.12 percent, just enter 21 in the submission field.

Suppose you have the opportunity to place a bet on an NBA playoff game. On Friday, June 11th, the Phoenix Suns will play the Denver Nuggets. If you wager $1 on the Phoenix Coyotes and they win, you will receive your initial $1 wager back plus an additional $1.05. If you believe that these payouts represent a fair bet, calculate the likelihood of Phoenix winning the game as determined by these payouts. Round your answer to the nearest percentage point. That is, if you estimate the likelihood to be 21.12 percent, just enter 21 in the submission field.

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...

See similar textbooks

Similar questions

The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 900 tickets. There is one $2,000 grand prize, four $200 second prizes, and fifteen $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $
Suppose that you and a friend are playing cards and decide to make a bet. If your friend draws two red cards in succession from a standard deck of 52 cards without replacing the first card, you give him $50. Otherwise, he pays you $20. If the same bet was made 15 times, how much would you expect to win or lose? Round your answer to the nearest cent, if necessary. Answer O Win ⒸLose Keypad Keyboard Shortcuts
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $7 each and will sell 600 tickets. There is one $1,000 grand prize, three $200 second prizes, and thirteen $10 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $
A friend proposes a gamble to you. You roll 2 fair, six-sided dice, and add up the results of each die to find your total number. If your roll totals a 6 or 8, your friend pays you $30. If you roll any other total, you pay your friend $10. What is your expected payoff from playing this game 100 times?.
Suppose that you and a friend are playing cards and decide to make a bet. If you draw two clubs in succession from a standard deck of 52 cards without replacing the first card, you win $⁢40. Otherwise, you pay your friend $⁢10. If the same bet was made 25 times, how much would you expect to win or lose? Round your answer to the nearest cent, if necessary. Win: Lose:
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $9 each and will sell 600 tickets. There is one $1,000 grand prize, three $400 second prizes, and seventeen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $8 each and will sell 500 tickets. There is one $3,000 grand prize, three $300 second prizes, and sixteen $40 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent. $4
At bedtime, you read three books to your kids, Walker, Michael, and Luke. Together, they have 32 books. If you decide to randomly choose three books, what is the probability that the three you choose will consist of each of their favorite books? Assume they have different favorites. Express your answer as a fraction in lowest terms or a decimal rounded to the nearest millionth.
Assuming you were lucky enough to win and the pay off odds were 35:1, how much money would you get back? Dont forget to include your original $5 bet in your payout. $. DO NOT include $ sign in your answer.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $5 each and will sell 600 tickets. There is one $3,000 grand prize, four $400 second prizes, and eighteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.
A new game is being introduced at the Hard Rock Cafe. A ball is spun around a wheel until it comes to rest in one of many spots. Whatever is listed in that spot will be the player's winnings. If the wheel has 7 spots labeled $1, 9 spots labeled $2, and 6 spots labeled $10, how much should a player expect to win on average? Round to the nearest cent.
The student council is hosting a drawing to raise money for scholarships. They are selling tickets for $10 each and will sell 500 tickets. There is one $2,000 grand prize, three $400 second prizes, and fifteen $30 third prizes. You just bought a ticket. Find the expected value for your profit. Round to the nearest cent.