Homework help statistic

Question

1. The odds of winning a fair game is given as 1 : 5. How much does a player have to bet in order to have a net gain of $30?

Answer 1

When given a ratio, 1:5, think of it as "for every 1 win, you lose 5 times". Which means that you win 1 out of every 1 + 5 = 6 times. That's where a lot of students get tripped up. So the probability of winning is 1/6. Set up an algebraic equation, where 1/6 times x = 30, because you're asking "how many times do I need to play to get to 30?"

1/6(x) = 30

Divide both sides by 1/6, which is the same as multiplying by 6.

x = 180

Answer 2

Then the probability of winning is 1/6.

(1/6) X = 30

X = 180