Question

There is a bucket with 8 $1 bills, 5 $5 bills, 4 $10 bills, and 3 $20 bills. The billsare well "mixed" and you reach into the bucket without looking and grab onebill. Using the context of this scenario, explain the difference, if there is adifference, between the "odds" of the bill you grabbed being a $20 bill and theprobability of the bill you gabbed being a $20 bill. In your explanation includethe odds and probability of the bill you grabbed being a $20 bill.

Answer 1

The odds of grabbing a $20 bill from the bucket are 3:20, while the probability of grabbing a $20 bill is 3/32.

Step-by-step explanation:

The difference between the 'odds' and the probability of grabbing a $20 bill from the bucket can be explained as follows:

1. Odds: The odds represent the likelihood of a particular event occurring compared to the likelihood of it not occurring. In this case, the odds of grabbing a $20 bill is the ratio of the number of $20 bills to the number of bills in the bucket that are not $20 bills. So, the odds of grabbing a $20 bill would be 3:20 (3 $20 bills out of a total of 32 bills).
2. Probability: Probability represents the likelihood of a specific event occurring out of all possible outcomes. To calculate the probability of grabbing a $20 bill, we divide the number of $20 bills in the bucket by the total number of bills in the bucket. So, the probability of grabbing a $20 bill would be 3/32 (3 $20 bills out of a total of 32 bills).

Therefore, the odds of grabbing a $20 bill from the bucket are 3:20, while the probability of grabbing a $20 bill is 3/32.

Answer 2

We have the following bills

8 > $1

5 > $5

4 > $10

3 > $20