You bet $7 on a local race being held for charity. the payoff odds given by the charity event are 12:1. find your net profit for
2 answers:
Answer: $77
Step-by-step explanation:
Payoff odds are the odds are generally displayed in fractional terms and represent the possibility of that outcome on a race or match, on offer for the bet that a person place.
Given: The payoff odds given by the charity event = 12:1
It means for a bet of $1 , we get $12
Thus, after a bet of $7 we get amount after winning the bet=
Now, net profit for winning the race
= winning price- amount we bet
=$84-$7=$77
Therefore, net profit for winning the race=$77
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