Answer the question.
-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) $23 : 1$
B) $22 : 1$
C) $1 : 22$
D) $115 : 120$

Question

Answer the question.
-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) $23 : 1$
B) $22 : 1$
C) $1 : 22$
D) $115 : 120$

Quizplus · Accepted Answer

The odds used for determining the payoff can be found by dividing the total amount you collect ($115) by the amount of your bet ($5):

$115/$5 = 23

So the odds used are 23:1. However, the question is asking for the odds used for determining the payoff, not the actual odds of winning. To find this, you subtract 1 from the first part of the ratio:

23-1 = 22

Therefore, the answer is B: 22:1.

Answer the Question 23:123 : 123:1 B) 22:122 : 122:1 C) 1:221 : 221:22

Answer the Question $23 : 1$ B) $22 : 1$ C) $1 : 22$