Answer: 
Step-by-step explanation:
Given
The odds against winning in a chess tournament are 1 to 11.
Odds is defined as the ratio of the probability of occurrence to the non-occurrence of event.

Probability of non-occurrence i.e. she wins the first prize is

Market value = $310,000
Since market value for tax purposes is 40% of the actual market value,
Market value for tax assessment = $310,000*40% = $124,000
Tax rate per $1000 of assessed valuation = $145.10 or 14.51% of the assessed value
Hence tax to be paid by leo = $124000*14.51% = $17992.40
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