Elementary Statistics (12th Edition)

Published by Pearson
ISBN 10: 0321836960
ISBN 13: 978-0-32183-696-0

Chapter 4 - Probability - 4-2 Basic Concepts of Probability - Beyond the Basics: 44

Answer

a)0.474 b)10:9 c)18\$ d)20$

Work Step by Step

a)We have 38 different outcomes, out of which 18 are good. We know that $probability=\frac{number \ of \ good \ outcomes}{number\ of\ all\ outcomes}$, hence $probability=\frac{18}{38}=0.474.$ b) We know that $odds=\frac{number \ of \ good \ outcomes}{number\ of\ all\ outcomes-number \ of \ good \ outcomes}$, hence $odds=\frac{38-18}{38-(38-18)}=\frac{20}{18}$, hence the odds are 10:9. c) If the payoff odds are 1:1 it means that we double our money if we win, hence we will win another 18\$. d) If the payoff odds were 10:9, we would win $\frac{10}{9}\cdot18=20 \$$
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