A modified roulette wheel has 32 slots. One slot is 0, another is 00, and the ot

Question

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 outcome is an odd number. (in roulette, 0 and 00 are neither odd nor even.) What is your probability of winning? The probability of winning is. (Type an integer or a simplified fraction.) What are the actual odds against winning? The actual odds against winning are:. When you bet that the outcome is an odd number, the payoff odds are 1:1. How much profit do you make if you bet $12 and win? If you win, the payoff is $. How much profit should you make on the $12 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.)

Explanation / Answer

0,00 and 1 to 32

Hence no of odd numbers are 1 ,3,...31

= 16

Prob of winning = 16/34 = 8/17

b) Actual odds against winning = 11/7

c) payoff odds are 1:1

Hence bet = payoff

12 dollars

d) 11:7

12(7/11) = 7.636

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