Kentucky Derby Odds When the horse Monarchos won the 127th Kentucky Derby, a

$2 bet that Monarchos would win resulted in a return of $23.

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

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

c. Based on preliminary wagering before the race, bettors collectively believed that Monarchos had a 1 15 probability of winning. Assuming that 1 15 was the true probability of a Monarchos 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 ticket be worth after the Monarchos win?