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Odds. In Exercise, answer the given questions that involve

Elementary Statistics | 12th Edition | ISBN: 9780321836960 | Authors: Mario F. Triola ISBN: 9780321836960 18

Solution for problem 43BB Chapter 4.2

Elementary Statistics | 12th Edition

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Elementary Statistics | 12th Edition | ISBN: 9780321836960 | Authors: Mario F. Triola

Elementary Statistics | 12th Edition

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Problem 43BB

Problem 43BB

 

Odds. In Exercise, answer the given questions that involve odds.

Texas Pick 3 In the Texas Pick 3 lottery, you can bet $1 by selecting the exact order of three digits between 0 and 9 inclusive, so the probability of winning is 1>1000. If the same three numbers are drawn in the same order, you collect $500, so your net profit is $499.

a. Find the actual odds against winning.

b. Find the payoff odds.

c. The Web site www.txlottery.org indicates “Odds 1:1000” for this bet. Is that description accurate?

Step-by-Step Solution:
Step 1 of 3

Solution 43BB

(a)

Let A is the event of winning. So the actual odds against winning is

Here andso actual odds against winning is

Therefore, the actual odds against winning is

(b)

Since the amount of bet is $1 and net profit is $499. So the payoff odds is

Therefore, the payoff odds are

(c)

The description ‘odds’ is not accurate. The right description is: odds against winning are 999:1 and odds against not winning are 1:999.

Step 2 of 3

Chapter 4.2, Problem 43BB is Solved
Step 3 of 3

Textbook: Elementary Statistics
Edition: 12
Author: Mario F. Triola
ISBN: 9780321836960

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Odds. In Exercise, answer the given questions that involve