The Race Track: Betting is closed. We have$1,000 bet on horse A,$2,000 on horse B, and$3,000 on horse C. Compute the odds the track will post in order to take 10% no matter which horse wins. b)If the odds given by the race track for horse C is 7 : 10, what percentage of the bets is the track taking?
The Race Track: Betting is closed. We have$1,000 bet on horse A,$2,000 on horse B, and$3,000 on horse C. Compute the odds the track will post in order to take 10% no matter which horse wins. b)If the odds given by the race track for horse C is 7 : 10, what percentage of the bets is the track taking?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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The Race Track: Betting is closed. We have$1,000 bet on horse A,$2,000 on horse B, and$3,000 on horse C. Compute the odds the track will post in order to take 10% no matter which horse wins.
b)If the odds given by the race track for horse C is 7 : 10, what percentage of the bets is the track taking?
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