Answer: $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=[tex]7\times12=\$84[/tex]
Now, net profit for winning the race
= winning price- amount we bet
=$84-$7=$77
Therefore, net profit for winning the race=$77
