Algebra question I think

[RHB]

I think this is for the algebra guru's if it is at all possible.
I'm trying to estimate a race horse win prize money based on number of wins and total prize money won.
Winning prize money is approx. 60% of the prize money allocated to the race.
<table border="1" cellpadding="0" cellspacing="0"><tbody> <tr style="text-align: center; background-color: rgb(202, 202, 202); font-size: 8pt; font-weight: bold;"> <td> </td> <td>A</td> <td>B</td> <td>C</td> <td>D</td> <td>E</td></tr> <tr style="height: 17px;"> <td style="text-align: center; background-color: rgb(202, 202, 202); font-size: 8pt;">1</td> <td style="text-align: center; font-weight: bold;">Prizemoney</td> <td style="text-align: center; font-weight: bold;">Starts</td> <td style="text-align: center; font-weight: bold;">Wins</td> <td style="text-align: center; font-weight: bold;">Others</td> <td> </td></tr> <tr style="height: 17px;"> <td style="text-align: center; background-color: rgb(202, 202, 202); font-size: 8pt;">2</td> <td style="text-align: center;">100,000</td> <td style="text-align: center;">12</td> <td style="text-align: center;">2</td> <td style="text-align: center;">10</td> <td> </td></tr> <tr style="height: 17px;"> <td style="text-align: center; background-color: rgb(202, 202, 202); font-size: 8pt;">3</td> <td style="text-align: center;">77,000</td> <td style="text-align: center;">10</td> <td style="text-align: center;">3</td> <td style="text-align: center;">7</td> <td> </td></tr></tbody></table>As you can see I'm only interested in getting the winning $$'s and no other info.
So the win money is 60% of available money and the other placings etc would be 40% of available prize money I reckon.
Just tell me if it's not possible which it may be.
Thanks
Bob

 

[GlennUK]

Are you saying that row 2 is one horse? And that it's run 24 races? And that the total prize for all races was 100,000? And that all races had the same prize amount ( 4,166.67 )?

 

[RHB]

Hi Glenn
That was quick.
No, row 2 is one horse and has had 12 starts(12 races) for 2 wins and some placings that has won $100,00.
The prize money would change for every race usually.

 

[RHB]

I'll put this another way as it looks unclear the way I put it originally.
I'm trying to find the money won by a horse for finishing in 1st place(C2).
Cell D2 are all it's other runs if in the placings or not.
If a race had prize-money of $10,00 the winner would get $6,000 -60%- with the remainder split amongst the remaining runners(others).
So row 2 shows it has won a total of $100,000 made up of 2 wins and prize-money from 10 other runs.(prize-money is paid for finishing back to7 or 8 in some big races)
I've tried online algebra solvers but the answers are always another algebra equation.
I think there could be one too many variables to work this out.
Thanks anyone for taking a look at it for me.

 

[GlennUK]

How are you supposed to derive the 1st place amounts from the information given ... do all races have the same prize amount, maybe? Are all other places other than winner given equal amounts?

 

[RHB]

Hi Glenn
I think I'm chasing the impossible.
In the information available to me the total prize-money won for the horse's career is given and no breakup of how that is arrived at.
But traditionally the winner gets 60% of the race prize pool.
Race prize-money values change otherwise it would be a simple exercise I suspect.
What I'm saying is that if the winner is awarded 60% of the pool then the "others" get 40%.
So to answer your question-the winner always gets 60% of the pool and the others 40% but the pool value is not constant.
I think it's a can of worms and impossible because we need one more variable like the winning pool or the "others" pool.

 

[skull_eagle]

Hi Bob,

I just had a quick look at this problem, I am unable to solve but the easiest way to work it out is if you had the original total prize money for the race.

You could then split the winnings dependent on the race prize money eg. row 2 is all the races paying $500,000, row 3 = $400,000, row 4 = $300,00 etc.

Then it would be quite easy to do the maths.

Out of curiosity on what criteria are you splitting the information know? why don't you have all the information in 1 row?


Cheers

Todd

 

[stefankemp]

I think this is for the algebra guru's if it is at all possible.
I'm trying to estimate a race horse win prize money based on number of wins and total prize money won.
Winning prize money is approx. 60% of the prize money allocated to the race.
<table border="1" cellpadding="0" cellspacing="0"><tbody> <tr style="text-align: center; background-color: rgb(202, 202, 202); font-size: 8pt; font-weight: bold;"> <td>
</td> <td>A</td> <td>B</td> <td>C</td> <td>D</td> <td>E</td></tr> <tr style="height: 17px;"> <td style="text-align: center; background-color: rgb(202, 202, 202); font-size: 8pt;">1</td> <td style="text-align: center; font-weight: bold;">Prizemoney</td> <td style="text-align: center; font-weight: bold;">Starts</td> <td style="text-align: center; font-weight: bold;">Wins</td> <td style="text-align: center; font-weight: bold;">Others</td> <td>
</td></tr> <tr style="height: 17px;"> <td style="text-align: center; background-color: rgb(202, 202, 202); font-size: 8pt;">2</td> <td style="text-align: center;">100,000</td> <td style="text-align: center;">12</td> <td style="text-align: center;">2</td> <td style="text-align: center;">10</td> <td>
</td></tr> <tr style="height: 17px;"> <td style="text-align: center; background-color: rgb(202, 202, 202); font-size: 8pt;">3</td> <td style="text-align: center;">77,000</td> <td style="text-align: center;">10</td> <td style="text-align: center;">3</td> <td style="text-align: center;">7</td> <td>
</td></tr></tbody></table>As you can see I'm only interested in getting the winning $$'s and no other info.
So the win money is 60% of available money and the other placings etc would be 40% of available prize money I reckon.
Just tell me if it's not possible which it may be.
Thanks
Bob

Can you please be a bit clearer on what it is you are trying to estimate? "a race horse win prize money" isn't very clear... Are you trying to estimate what the horse in row 2 won for his 2 wins?

 

[RHB]

Hi there stefankemp
Yes, that is exactly what I'm trying to get to.

Hi skull_eagle
Not knowing the "original total prize money for the race" is the crux of the matter.
Row 1 is the headers for the columns
Row 2 is the details of horse 1
Row 3 is the details of horse 2
Row 4 is the details of horse 3 etc.
So row 2 says the horse has had 10 stars and won 3 of them plus 7 other runs and together those 10 runs have yielded $77,000

 

[skull_eagle]

hmmmmm that's a tough one.

I think it would then come down to a averages and best guesses.

Average number of horses that the 40% is divided amongst = x

That gives you something like Column D = (A2*0.4)/x*D2

This should give you the amount of column A that came from "other"

if x = 8 for example the $50,000 comes from 10 * "other" leaving $50,000 coming from the 2 wins.

$25,000 = 60%

Total prize money for 1 race = $41,667


I don't know if that helps at all but that's all I've got.


Cheers