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Exacta In a horse race, an exacta bet is won by correctly selecting the horses that finish first and second, and they must be in the order that they finished. The 140th Kentucky Derby race was run with 19 horses. If you make random selections for an exacta bet, what is the probability of winning?

Short Answer

Expert verified

The probability of winning the bet is equal to1342.

Step by step solution

01

Given information

To win a bet, two horses that finish first and second need to be selected out of 19 horses such that the order of the selection matters.

02

Define permutation

The permutation rule applies to a condition when the order of selecting the items from a batch is important.

The formula to select r items from n is shown below:

nPr=n!n-r!

03

Compute the counts 

Here, the total number of horses is 19.

The number of horses to be selected is 2.

Since the order of the selection of the horses is important, the permutation rule is used.

The total number of ways in which two horses can be selected is equal to:

19P2=19!19-2!=342

The number of ways of selecting the two horses that finish first and second in the race is 1.

04

Compute the probability 

Probability is the ratio of supportive outcomes to an event over the total number of outcomes feasible.

The probability of winning the bet is equal to:

Pwinningthebet=1342

Therefore, the probability of winning the bet is equal to 1342.

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