Question 204147: The odds against Lightning winning the third race are 9:4. If Sally places an $8 bet on Lightning to win and Lightning wins, find Sally’s net winnings
A) $2.25 B) $36 C) $18.00 D) $9.00 E) $72
Answer by Theo(13342)   (Show Source):
You can put this solution on YOUR website! i found your answer here i think.
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http://www.mathsteacher.com.au/year10/ch05_probability/07_odds/odds.htm
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the answer should be:
if the odds are 9:4 and you place an 8 dollar bet and you win, then you should get back 18.000 dollars plus your original bet of $8.00 = $26.00
your net winnings should be $18.00 if i understood where i went to get the answer correctly.
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here's another website that confirms it.
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http://www.horse-betting-online-guide.com/horse-betting-odds.html
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here's an excerpt:
A simple formula for calculating your payout is (odds ratio to 1) x bet amount + bet amount. For a base bet of $10, winning odds of 3 - 1 will pay $40.00 ($30 + the return of your initial bet), while 5 - 1 will pay $60.00 ($50 + the return of your inital bet). We will go through a more complicated example of 7 - 5 step by step, again using $10 as the bet amount. First divide 7 by 5, you get 1.4 (7/5 = 1.4). Multiply 1.4 times the initial bet amount, you get $14 ($10 x 1.4 = $14). Add the initial bet amount, you get a total of $24 ($14 + $10 = $24).
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