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 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. 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? $

Explanation / Answer

a. Probability of winning = (No. of even nos in the roulette) / 28 = 13/28

b. Actual odds against winning = 15/13.

c. Since it is 1:1 i.e amount bet = net profit. Hence amount in winning = $14.

d. Payoff odds = 15:13

Hence winning amount = (15 x 14)/13 = $16.15

Related Questions

Navigate

• Browse (All)
• Browse A
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.