Question
As is the normal scenario, there is a legal betting going on. The “number 1 choice” to win the final is the team which had first position in the first round standings. The betting agency accepts bets as 2 to 1 for “number 1 choice” to win the final and 4 to 1 for “number 2 choice” to win the final. A standard fee of Rs.1000 is paid upfront by every person who wants to bet on either of the two teams winning. A total of 10000 people bet. At the end of the match, “number 2 choice” was the winner. The agency had an income of 50 lakhs. How many people betted correctly?
Answer: Option E
:
E
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E
Total income of the betting agency = 1000*10000 = 100,00,000
The number 2 choice has won. Hence, if “x” people have voted for the “number 2 choice”, these people will together win 4000x (since betting on “number 2 choice” at at odds 4:1).
Net profit of the agency = 5000000=10000000-4000x
x= 1250. option (e)
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