It costs $25 to bet on a horse race. The horse has a 1/8 chance of winning

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It costs $25 to bet on a horse race. The horse has a 1/8 chance of winning and a 1/4 chance of placing 2nd or 3rd. You win $125 if the horse wins and receive your money back if the horse places 2nd or 3rd.

Find the expected net gain to the player for one play of the game.

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Elementary Statistics Picturing The World

ISBN: 9780321911216

6th Edition

Authors: Ron Larson, Betsy Farber

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Question Posted: Nov 24, 2015 06:39 AM

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It costs $25 to bet on a horse race. The horse has a 1/8 chance of winning

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Elementary Statistics Picturing The World

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