At tucson raceway park, your horse, soon-to-be-glue, has a probability of 1/20 of coming in first place, a probability of 1/10 of coming in second place, and a probability of ¼ of coming in third place. First place pays $4,500 to the winner, second place $3,500 and third place $1,500. Is it worthwhile to enter the race if it costs $1,000?.

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28-10-2022
Business

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At tucson raceway park, your horse, soon-to-be-glue, has a probability of 1/20 of coming in first place, a probability of 1/10 of coming in second place, and a probability of ¼ of coming in third place. First place pays $4,500 to the winner, second place $3,500 and third place $1,500. Is it worthwhile to enter the race if it costs $1,000?.

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shomerajeshwari90 shomerajeshwari90 · Answer 1 · 2022-11-10T07:19:31+01:00

At tucson raceway park, your horse, soon-to-be-glue, has a probability of 1/20 of coming in first place, and so on. It is not worthwhile to enter the race if it costs $1,000.

Expected Value(EV) = 4500*1/20 +3500*1/10 +1500*1/4 + (-1000)= -$50

So, the value is negative.It is not worthwhile to enter the race if it costs $1,000. when it has a Probability of 1/20,1/10 of coming in first place, second place respectively.

Expected Value stands for a predicted outcome that is calculated by weighing potential outcomes according to the likelihood that each scenario will occur. In other terms, it is a value calculated by considering all possible outcomes, multiplying each by the likelihood that it will happen, and adding them all together.

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