View the step-by-step solution to:

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)

Screenshot from 2019-05-04 12-23-49.png

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

Screenshot from 2019-05-04 16-51-25.png

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

I really appreciate the help! THanks

Screenshot from 2019-05-04 12-23-49.png

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] .

Screenshot from 2019-05-04 16-51-25.png

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*"

Top Answer

Here is the explanation for... View the full answer

Sign up to view the full answer

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.


Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask a homework question - tutors are online