Suppose You Are Playing a Game of Chance

question 41

Multiple Choice

Suppose you are playing a game of chance. If you bet $5 on a certain event, you will collect $115 (including your $5 bet) if you win. Find the odds used for determining the payoff.

• A) 1 : 22
• B) 23 : 1
• C) 22 : 1
• D) 115 : 120

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Definitions:

B2C

Business-to-Consumer, referring to the direct commercial transactions and relationships between businesses and end-users or consumers.

E-commerce

The buying and selling of goods and services over the internet.

Reverse Auctions

A type of auction where the roles of buyer and seller are reversed, with the buyer seeking to purchase goods or services and suppliers submitting decreasingly lower bids.

Prices

The sum of money anticipated, needed, or paid in exchange for something.