Elementary Statistics (12th Edition)

Published by Pearson

Chapter 4 - Probability - 4-2 Basic Concepts of Probability - Beyond the Basics - Page 148: 45

Answer

a)16\$b)8:1 c)37:1 d)21.5\$

Work Step by Step

a) profit=winning-investment=18-2=16\$b)We know that$odds=\frac{number \ of \ good \ outcomes}{number\ of\ all\ outcomes-number \ of \ good \ outcomes}$, hence$odds=\frac{16}{18-16}=\frac{16}{2}$, hence the odds are 8:1. c)We know that$odds=\frac{number \ of \ good \ outcomes}{number\ of\ all\ outcomes-number \ of \ good \ outcomes}$, hence$odds=\frac{1-0.093}{0.093}=9.75$, hence the odds are 37:1. d)$winning=(9.75+1)\cdot2=21.5\$.$

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