The Race Track: Betting is closed. We have $1, 000 bet on horse A, $2, 000 on

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The Race Track: Betting is closed. We have $1, 000 bet on horse A, $2, 000 on horse B, and $3, 000 on horse C. Compute the odds the track will post in order to take 10% no matter which horse wins.

If the odds given by the race track for horse C is 7 : 10, what percentage of the bets is the track taking?

Related Book For answer-question

Intermediate Accounting

ISBN: 978-0324659139

11th edition

Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones

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Posted Date: Apr 07, 2024 01:12 AM

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The Race Track: Betting is closed. We have $1, 000 bet on horse A, $2, 000 on

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Expert Answer:

To compute the odds the track will post in order to take 10 no matter which horse wins we can use the concept of implied probabilities First lets calc... View the full answer

Intermediate Accounting

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