The Race Track: Betting is closed. We have $5, 000 bet on horse A, $2, 000 on horse B, and $4, 000 on horse C. If the odds given by the race track for horse C is 8:7, what percentage of the bets is the track taking?

The Race Track: Betting is closed. We have $5, 000 bet on horse A, $2, 000 on horse B, and $4, 000 on horse C. If the odds given by the race track for horse C is 8:7, what percentage of the bets is the track taking?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

The Race Track: Betting is closed. We have $5, 000 bet on horse A, $2, 000 on horse B, and $4, 000 on horse C.

If the odds given by the race track for horse C is 8:7, what percentage of the bets is the track taking?

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Odds for Horse C in percentage is 53.33%

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