Horse racing bets Two friends decide to go to the track and place some bets. One
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Horse racing bets
Two friends decide to go to the track and place some bets. One friend remarks that in an upcoming race, the number 5 horse is paying 50 to 1. This means that anyone who bets on the 5 horse receives $50 for each $1 bet, if in fact the 5 horse wins the race. He goes on to mention that it is a great bet, because there are only eight horses running in the race, and therefore the probability of horse 5 winning must be 1/8. Is the last statement true or false? Explain.
Related Book For
Vector Mechanics for Engineers Statics and Dynamics
ISBN: 978-0073212227
8th Edition
Authors: Ferdinand Beer, E. Russell Johnston, Jr., Elliot Eisenberg, William Clausen, David Mazurek, Phillip Cornwell
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