Odds. In Exercises 4346, answer the given questions that
Chapter 4, Problem 45(choose chapter or problem)
Odds. In Exercises 4346, answer the given questions that involve odds. Kentucky Derby Odds When the horse Super Saver won the 136th Kentucky Derby, a$2 bet that Super Saver would win resulted in a return of $18.a. How much net profit was made from a $2 win bet on Super Saver?b. What were the payoff odds against a Super Saver win?c. Based on preliminary wagering before the race, bettors collectively believed that SuperSaver had a 0.093 probability of winning. Assuming that 0.093 was the true probability of aSuper Saver victory, what were the actual odds against his winning?d. If the payoff odds were the actual odds found in part (c), how much would a $2 win ticketbe worth after the Super Saver win?
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