Arrogate is a thoroughbred racehorse who began his racing career in 2016. In Nor

Question

Arrogate is a thoroughbred racehorse who began his racing career in 2016. In North America he has won four consecutive races and one race in the United Arab Emirates. His last four victories were in races with a combined purse of $29.25M. Assume that the remainder of this scenario follows a binomial distribution. Let the probability that Arrogate finishes in the money (first, second or third) equate to the probability of success. The likelihood that Arrogate will finish is the money is 67.5%. If Arrogate runs five more times, determine the probability that: Arrogate finishes in the money exactly twice.

Explanation / Answer

Solution:- The probability tht Arrogate finishes in money exactly twice is 0.1564.

Probability of Arrogate finishes in the money = p = 0.675

Total number of races = n = 5

By applying binomial distribution:-

P(x, n, p) = nCx*p x *(1 - p)(n - x)

P(x = 2) = 0.1564

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