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# I'm of many kinds of bets You can make on a home race are&quot; Will &quot; and&quot; Place &quot; . In each of these You nominate a home , Bar&quot;...

I only need the help for part c)

Answer for question a) 6.5x\$10=\$65 win with probability 10%. 90% of the time lose \$10 bet. Expected value = \$65x0.1-\$10x0.9=-2.5

Please show the step-by-step working so that I understand

I really appreciate the help! THanks

I'm of many kinds of bets You can make on a home race are&quot; Will &quot; and&quot; Place &quot; . In each
of these You nominate a home , Bar&quot; daddy&quot;, pay some money / your* stake&quot;; and maybe
Fit some Injury back Inour* payout&quot; ] .&quot;The parent , if paid, is stakes odds, where&quot; odds &quot;
Is A Timber greater than I specified by the betting agency . The odds number is different
for Win and Place . You will get the payout if, and only if*
Win : Neddy will the race .
Place : Neddy is &quot; placed &quot; in the race ; i.e . Neddy comes Ist , and or and in a race with
At least Eight horses , or comes Ist or and in a race with from five to seven horses.
Place bets are not allowed on races with less than five horses .
Your return &quot; or &quot; profit &quot; on the bet is payout -stake , I and is usually negative ! !.
At the Canberra races You fancy Neddy's chances in Face I /IN-horses] .&quot;You estimate he
has In' chance of winning a lu^' chance of coming in and or And , and . consequently , A
GO` chance of being Inplaced . The bookmaker offers odds of `. all on a will and ?. } all #`
place . Based on Your estimated probabilities find the expected return all !
( a)&quot; BID on Neddy to will &quot;
la Win bet with BID stake] .

A third kind of bet is&quot; Each -way&quot; . This is just two het's on the same home , one for a will
and one for a place , with equal stakes. So for example&quot; Glo rach way on daddy&quot; means
Bill to will and BID for a place and so costs You \$20. Note that if the horse wills , all
each - way bet pays twice: once for the will and once for the place .
Based on the same adds and probabilities as above , find the expected return on
( c )&quot; Bill each way on Neddy*&quot;

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