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OpenStudy (anonymous):
If the odds of winning a horse race are 9 to 7 and first prize is $144,000 what is the expected value of winnings?
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OpenStudy (anonymous):
Please help!!
OpenStudy (reemii):
odds : 9 to 7. I think it means that the probability of winning is 9/(9+7), do you agree with that? then the expected win would be (9/16) * 144,000 + (7/16) * 0 (<-- means loosing)
OpenStudy (reemii):
or does it mean the probability of winning is 7/16 ? i can't say.
OpenStudy (anonymous):
Yes that helps
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