If the odds in favor of Fast Leg winning a horse race are 7 to 3...
If the odds in favor of Fast Leg winning a horse race are 7 to 3 and the first prize is $20,000, what is the expected value of Fast Leg's winnings?
Homework Answers
Ans:
P(Fast Leg's winnings)=7/(3+7)=7/10=0.7
Expected value of Fast Leg's winnings=0.7*20000=14000
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