Question
The Race Track: Betting is closed. We have $1, 000 bet on horse A, $2, 000 on horse B, and $3, 000 on horse C.
The Race Track: Betting is closed. We have $1, 000 bet on horse A, $2, 000 on horse B, and $3, 000 on horse C. Compute the odds the track will post in order to take 10% no matter which horse wins.
If the odds given by the race track for horse C is 7 : 10, what percentage of the bets is the track taking?
Step by Step Solution
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Step: 1
To compute the odds the track will post in order to take 10 no matter which horse wins we can use the concept of implied probabilities First lets calc...
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Intermediate Accounting
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
11th edition
978-0538467087, 9781111781262, 538467088, 1111781265, 978-0324659139
