The odds against Black Beauty winning the race is 43 Theodor

The odds against Black Beauty winning the race is 4:3. Theodore bets $110 on Black Beauty to win and Black Beauty does win the race.

\"PLEASE SHOW YOUR WORK\".

How much money does Theodore win? _____________round your answer to the nearest $$$$..

What was the probability that Black Beauty was going to win the race? ____________\"Please enter your answer as a fraction\'.

Solution

A.

Money earned by theodore will be

Total amount = 4*110 + 110 = $550

4*110 is winning amount and 110 is the betting amount which theodore will receive back.

B.

Odds against winning = odds that the horse will lose = 4 : 3

Let A be the event of winning

odds against event A = Probability of losing/probability of winning

odds against event A = P(A\')/P(A) = 4/3

Means 4 losing chances to every 3 winning chances in 7 matches.

Now Probabilty of winning = 3/(4 + 3) = 3/7