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 . Kentucky Derby Of the 19 horses in the 2009 Kentucky
Derby, the top two finishers (in order) were Mine That Bird
and Pioneer of the Nile. On a $2 exacta bet (picking the top
two horses in order), the house paid out $2074.80. That is, for
every $2 bet, you either lost $2 or gained $2072.80. What was
the house’s expected earnings per $2 bet?

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