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QUESTION 5 It costs $8 to place a bet on a horse race. Suppose that there are 15 horses in the race, and that each

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QUESTION 5 It costs $8 to place a bet on a horse race. Suppose that there are 15 horses in the race, and that each race outcome is equally likely. If your horse wins first place you win $34, if your horse wins second place you win $11, and if your horse wins third place you win $4. If your horse does not place in the top 3, you do not win anything What is the expected return on your bet

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