Question: 32. Kentucky Derby Odds When the horse Funny Cide won the 129th Kentucky Derby, a $2 bet that Funny Cide would win resulted in a

32. Kentucky Derby Odds When the horse Funny Cide won the 129th Kentucky Derby, a

$2 bet that Funny Cide would win resulted in a return of $27.60.

a. How much net profit was made from a $2 win bet on Funny Cide?

b. What were the payoff odds against a Funny Cide win?

c. Based on preliminary wagering before the race, bettors collectively believed that Funny Cide had a probability of winning. Assuming that was the true probability of a Funny Cide 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 ticket be worth after the Funny Cide win?

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