a. Explanation Given info: In the Texas Pick 3 lottery, a “straight” bet of $1 is placed for selecting exactly the same order of three digits between 0 and 9 inclusive. The selection of digits is done with replacement. Also, the probability of a "straight" bet winning is 1 1 , 000 . When the same order of digits is selected, $500 is collected and the net profit would be $499. Calculation: The probability of winning is, P ( Winning ) = 1 1,000 The probability of not winning is, P ( Not winning ) = 1 − P ( winning ) = 1 − 1 1 , 000 = 999 1 , 000 The actual odds against winning is, P ( Odds against winning ) = b. To determine To find: The payoff odds. c. To determine Whether the description “Odds of 1:1,000 for the bet” is accurate or not.

12th Edition

ISBN: 9780321836960

Author: Mario F. Triola

Publisher: PEARSON

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Question

Chapter 4.2, Problem 43BB

To determine

To find: The actual odds against winning.

To determine

To find: The payoff odds.

To determine

Whether the description “Odds of 1:1,000 for the bet” is accurate or not.

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Chapter 4.2, Problem 42BSC

Chapter 4.2, Problem 44BB

Chapter 4 Solutions

Elementary Statistics

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The actual odds against winning.

Solution Summary: The author explains that the actual odds against winning are 999:1. The payoff odd is the ratio of the net profit to the amount of bet.

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To find: The actual odds against winning.

To find: The payoff odds.

Whether the description “Odds of 1:1,000 for the bet” is accurate or not.

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Chapter 4 Solutions