You bet $7 on a local race being held for charity. the payoff odds given by the charity event are 12: 1. find your net profit for winning your bet in the race

$84
$91
$80
$77

12:1 means for every dollar you bet you will win 12

 so 7 x 12 = 84

you would win $84, you bet 7 so net profit would be 84-7 = $77

 Net profit is $77

$77

Step-by-step explanation:

Payoff odds are the odds are generally displayed in fractional terms and represent the possibility of that outcome on a race or match, on offer for the bet that a person place.

Given: The payoff odds given by the charity event = 12:1

It means for a bet of $1 , we get $12

Thus, after a bet of $7 we get amount after winning the bet=

Now, net profit for winning the race

= winning price- amount we bet

=$84-$7=$77

Therefore, net profit for winning the race=$77