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

Question

Quizplus · Accepted Answer

The payoff is $115 for a $5 bet, meaning you win $110. The odds are calculated as the amount won ($110) over the amount bet ($5), which simplifies to 22:1.

Suppose You Are Playing a Game of Chance