7. On 25 October 2003, at the Santa Anita Racetrack in Arcadia, California,Mr. Graham Stone, from Rapid City, South Dakota, won a single betin which he had picked the winner of six successive races! Mr. Stonehad never visited a racetrack; racing fans across the nation werestunned. The winning horses, and the odds of each horse winning, asdetermined just before the race in which it ran, were as follows:Winning HorseOds1. Six Perfections5-12. Cajun Beat3. Islington4. Action This Day5. High Chaparral6. Pleasantly Perfect22–13-126-15-114-1Mr. Stone's wager cost $8; his payoff was $2,687,661.60.The odds against such good fortune (or handicapping skill?), wemight say in casual conversation, are "a million to one." Mr. Stone'spayoff was at a rate far below that. Did he deserve a million-to-onepayoff? How would you justify your answer?

The odds of winning is representing the odds in favor. So for first horse, favorable case of winning…

7. On 25 October 2003, at the Santa Anita Racetrack in Arcadia, California, Mr. Graham Stone, from Rapid City, South Dakota, won a single bet in which he had picked the winner of six successive races! Mr. Stone had never visited a racetrack; racing fans across the nation were stunned. The winning horses, and the odds of each horse winning, as determined just before the race in which it ran, were as follows: Winning Horse Odds 1. Six Perfections 5-1 2. Cajun Beat 3. Islington 4. Action This Day 5. High Chaparral 6. Pleasantly Perfect 22-1 3-1 26-1 5-1 14-1 Mr. Stone's wager cost $8; his payoff was $2,687,661.60. The odds against such good fortune (or handicapping skill?), we might say in casual conversation, are "a million to one." Mr. Stone's payoff was at a rate far below that. Did he deserve a million-to-one payoff? How would you justify your answer?

7. On 25 October 2003, at the Santa Anita Racetrack in Arcadia, California, Mr. Graham Stone, from Rapid City, South Dakota, won a single bet in which he had picked the winner of six successive races! Mr. Stone had never visited a racetrack; racing fans across the nation were stunned. The winning horses, and the odds of each horse winning, as determined just before the race in which it ran, were as follows: Winning Horse Odds 1. Six Perfections 5-1 2. Cajun Beat 3. Islington 4. Action This Day 5. High Chaparral 6. Pleasantly Perfect 22-1 3-1 26-1 5-1 14-1 Mr. Stone's wager cost $8; his payoff was $2,687,661.60. The odds against such good fortune (or handicapping skill?), we might say in casual conversation, are "a million to one." Mr. Stone's payoff was at a rate far below that. Did he deserve a million-to-one payoff? How would you justify your answer?

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Concept explainers

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

7. On 25 October 2003, at the Santa Anita Racetrack in Arcadia, California,
Mr. Graham Stone, from Rapid City, South Dakota, won a single bet
in which he had picked the winner of six successive races! Mr. Stone
had never visited a racetrack; racing fans across the nation were
stunned. The winning horses, and the odds of each horse winning, as
determined just before the race in which it ran, were as follows:
Winning Horse
Ods
1. Six Perfections
5-1
2. Cajun Beat
3. Islington
4. Action This Day
5. High Chaparral
6. Pleasantly Perfect
22–1
3-1
26-1
5-1
14-1
Mr. Stone's wager cost $8; his payoff was $2,687,661.60.
The odds against such good fortune (or handicapping skill?), we
might say in casual conversation, are "a million to one." Mr. Stone's
payoff was at a rate far below that. Did he deserve a million-to-one
payoff? How would you justify your answer?

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