Kentucky Derby Odds When the horse California Chrome won the 140th Kentucky Derby, a $2 bet on a California Chrome win resulted in a winning ticket worth $7. a. How much net profit was made from a $2 win bet on California Chrome? b. What were the payoff odds against a California Chrome win? c. Based on preliminary wagering before the race, bettors collectively believed that California Chrome had a 0.228 probability of winning. Assuming that 0.228 was the true probability of a California Chrome victory, what were the actual odds against his winning? d. If the payoff odds were the actual odds found in part (c), what would be the worth of a $2 win ticket after the California Chrome win?
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Kentucky Derby Odds When the horse California Chrome won the 140th Kentucky Derby, a $2 bet on a California Chrome win resulted in a winning ticket worth $7.
a. How much net profit was made from a $2 win bet on California Chrome?
b. What were the payoff odds against a California Chrome win?
c. Based on preliminary wagering before the race, bettors collectively believed that California Chrome had a 0.228 probability of winning. Assuming that 0.228 was the true probability of a California Chrome victory, what were the actual odds against his winning?
d. If the payoff odds were the actual odds found in part (c), what would be the worth of a $2 win ticket after the California Chrome win?
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