The odds on (against) your bet are 4 to 7. If you bet $70 and win, how much will you gain? (Type an integer or a decimal.)

Answer: Hi! when someone says that the odds on (against) your bet are 4 to 7, means that you have 4 chances to lose, and 7 to win.

then if 4 + 7 = 11 = 100%

4/11*100% = 36.36%

and 7/11*100% = 63.63%

You can notice that the probability for a win is bigger than the probability for a loss, so the amount earned will be less than the bet.

So you have a 63% chances of winning

then, if you bet 70$, you will win 70$*4/7 = 40$

so the total return is 70$ + 40$ = 110$