When the horse Barbaro won the 132nd Kentucky Derby, a $2 bet that Barbaro would win resulted

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When the horse Barbaro won the 132nd Kentucky Derby, a $2 bet that Barbaro would win resulted in a return of $14.20.

a. How much net profit was made from a $2 win bet on Barbaro?

b. What were the payoff odds against a Barbaro win?

c. Based on preliminary wagering before the race, bettors collectively believed that Barbaro had a 57/500 probability of winning. Assuming that 57/500 was the true probability of a Barbaro victory, what were the actual odds against his winning?

d. If the payoff odds were the actual odds found in part (c), how much would a $2 win ticket be worth after the Barbaro win?

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Elementary Statistics

ISBN: 9780321500243

11th Edition

Authors: Mario F. Triola

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Question Posted: Feb 24, 2020 06:21 AM

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When the horse Barbaro won the 132nd Kentucky Derby, a $2 bet that Barbaro would win resulted

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Elementary Statistics

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