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
Algebra ->
Probability-and-statistics
-> 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
Log On
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(52776) (Show Source):
