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

I only need the help for part c)

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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

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

I really appreciate the help! THanks

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I'm of many kinds of bets You can make on a home race are" Will " and" Place " . In each
of these You nominate a home , Bar" daddy", pay some money / your* stake"; and maybe
Fit some Injury back Inour* payout" ] ."The parent , if paid, is stakes odds, where" odds "
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 " placed " 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 " or " profit " 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] ."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)" BID on Neddy to will "
la Win bet with BID stake] .

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A third kind of bet is" Each -way" . 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" Glo rach way on daddy" 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 )" Bill each way on Neddy*"

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