Answered: a.) What is the expected value of the…

a.) What is the expected value of the race for you and your horse? b.) Is it worthwhile to enter Seabiscuit into the race?

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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At the race track, your horse, Seabiscuit, has a 5% chance of coming in first place, a 12% chance of coming in second place, and a 35% of coming in third place. First place pays $4400 to the winner, second place $3300 and third place $1400. The other places pay nothing. It costs $1000 to enter Seabiscuit into the race.

a.) What is the expected value of the race for you and your horse?

b.) Is it worthwhile to enter Seabiscuit into the race?

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