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

Question

Quizplus · Accepted Answer

The payoff is $115 for a $5 bet, which means you win $110 (115 - 5). The odds are calculated as the ratio of the amount won to the amount bet, which is 110:5. Simplifying this gives 22:1.

Suppose You Are Playing a Game of Chance