Answered

Welcome to Westonci.ca, your go-to destination for finding answers to all your questions. Join our expert community today! Discover precise answers to your questions from a wide range of experts on our user-friendly Q&A platform. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

If the odds in favor of Fast Leg winning a horse race are 4 to 3 and the first prize is $ 14 comma 000 comma what is the expected value of Fast​ Leg's winnings?

Sagot :

hyderali230

Answer:

The expected value of Fast​ Leg's winnings is $8,000.

Explanation:

The expected value a predicted value calculated by multiplying a value by its probability.

First, we need to calculate the probability of winning Fast leg's horse

Probability = Odd in favor / Total

Where

Adds in favor = 4

Total = 4 + 3 = 7

Placing values in the formula

Probability = 4 / 7

Probability = 0.571429

Now calculate the Expected value of winning

Expected winning value = First Prize x Probability of winning

Where

First prize = $14,000

Probability of winning = 0.571429

Placing values in the formula

Expected winning value = $14,000 x 0.571429

Expected winning value = $8,000

Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.