As the manager of a betting facility at a horse racetrack, you want a guaranteed 10% profit on all money wagered. Just before a three-horse race starts, the betting windows are closed to new bets and you set the odds. $12,000 was bet on Horse A, $7,000 on Horse B, and $1,000 on Horse C. Determine the odds you would set for each horse, namely OA : 1, OB : 1, and OC : 1 in order to secure the desired profit, no matter which horse wins.

What is OC ?

Answer rating: 100% (QA)

To determine the odds that need to be set for each horse we fir... View the full answer