A modified roulette wheel has 28 slots. One slot is 0, another is 00, and the ot

Question

A modified roulette wheel has 28 slots. One slot is 0, another is 00, and the others are numbered 1 through 26, respectively. You are placing a bet that the outcomes an even number. (In roulette, O and 00 are nether 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 If you win, the payoff is d. How much proft should you make on the $20 bet it you could somehow convince the casino to change its payolf oods so that they are the the outcome is an even number, the payoff odds are 1.1. How much profit do odds against winning?

Explanation / Answer

a)

Total Possible Outcomes = 28

Favourable Outcomes = {2,4,6....26} = 13

P(Winning) = 13/28 = 0.464

b)

Odds Against Winning = No. of Unfavourable Outcomes : No. of Favourable Outcomes

= 15:13

c)

Payoff = (1/2)*20 = 10$

d)

(15/28)*20= 10.7 $

This Payoff would convince the casino to change the Odds

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