Odds on horse are 2 to 9; find potential gains for $12 bet

[Cherryblaster]

So, I've been having a lot of trouble with this large assignment that the deadline is coming up far too soon. I was hoping someone could help me with it.

In a horse race, the odds for the horse (name withheld!) to win are 2 to 9.
What are the potential gains of someone betting $12 for (name withheld!):
a) to lose
or
b) to win the race.

Using concepts about odds for and against, explain fully why one amount if greater than the other.

 

[Deleted member 4993]

So, I've been having a lot of trouble with this large assignment that the deadline is coming up far too soon. I was hoping someone could help me with it.

In a horse race, the odds for the horse (name withheld!) to win are 2 to 9.
What are the potential gains of someone betting $12 for (name withheld!):
a) to lose
or
b) to win the race.

Using concepts about odds for and against, explain fully why one amount if greater than the other.

Use the concept of probability and expected-value.