SOLUTION: Of the 19 horses in the 2009 Kentucky
Derby, the top two finishers (in order) were Mine That Bird
and Pioneer of the Nile. On a $2 exacta bet (picking the top
two horses in orde
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Question 1175155: Of the 19 horses in the 2009 Kentucky
Derby, the top two finishers (in order) were Mine That Bird
and Pioneer of the Nile. On a $2 exacta bet (picking the top
two horses in order), the house paid out $2074.80. That is, for
every $2 bet, you either lost $2 or gained $2072.80. What was
the house’s expected earnings per $2 bet?
Answer by greenestamps(13209) (Show Source): You can put this solution on YOUR website!
Not enough information....
Calculating an expected value requires knowing both the payout for each outcome and the probability of each outcome.
The given information only tells the payout for each outcome; no information about the probabilities is given.
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