A horse-racing fan is contemplating the many different outcomes in an eight-horse race.
a. How many different outcomes are possible if only the first three places are considered and ranking (first, second, and third) is important?
b. If each of the outcomes in part a is equally likely, what is the probability of selecting the winning outcome?
c. How many different outcomes are possible if only the first three places are considered and ranking (first, second, and third) is not important?
d. If each of the outcomes in part c is equally likely, what is the probability of selecting the winning outcome?
