At the horse races on Saturday afternoon Gavin Jones studies the racing form and concludes that the horse No Advantage has a 25% chance to win and is posted at 4 to 1 odds. (For every dollar Gavin bets, he receives 5$ if the horse wins and nothing if it loses.) He can either bet on this horse or keep his money in his pocket. Gavin decides that he has a square-root utility for money. a) What fraction of his money should Gavin bet on No Advantage? b) What is the implied winning payoff of a $1 bet against No Advantage?

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