SOLUTION: It costs $50 to bet on a pig race. The pig has a 1/12 chance of placing first, a 1/8 chance of placing 2nd, and a 1/5 chance of placing 3rd. You win $200 if the pig wins, $50 if th

Question 1148613: It costs $50 to bet on a pig race. The pig has a 1/12 chance of placing first, a 1/8 chance of placing 2nd, and a 1/5 chance of placing 3rd. You win $200 if the pig wins, $50 if the pig gets 2nd, and $20 if the pig gets 3rd. What is the expected net gain from a pig race?
Answer by ikleyn(52781) (Show Source): You can put this solution on YOUR website!
.


-50 +  +  +  = -50 +  = -50 +  = -23.08  dollars.     ANSWER

RELATED QUESTIONS
A farmer has 500$, He has to buy 100 animals. A cow costs 10, pig costs 1, and horse... (answered by TimothyLamb)

if a pig weighs 20 lbs heavier then a 1/3 of its weight how much does the pig... (answered by gonzo)

A farmer buys 100 animals for $100 total. The animals include at least 1 cow, 1 pig and (answered by ikleyn)

A primitive economy depends on two basic goods, yams and pork. Production of 1 bushel of... (answered by jorel555)

You and a friend are rolling two 6-sided number cubes and placing bets on he sum of the... (answered by Boreal)

Abby Normal has a pig that presently weighs 200 pounds. She could sell it now for a... (answered by ikleyn)

I have a question about how to do this and what it would be. Yearsw after the famous... (answered by ankor@dixie-net.com)

there are 12 runners in mountain and all have equal chance of winning what is the... (answered by ikleyn)

A modified roulette wheel has 44 slots.One slot is 0, another is 00, the others are... (answered by stanbon)