Hi I have a problem regarding summation and the index numbers. It is from a formula used in the betting industry.
"Consider a race with n runners with starting prices (the odds of each horse) denoted by Si:1 such that there are ni (>0) horses at Si (i=1,2,3...,k) with S1<S2....Sk."
Let p = Σ ni/(1+Si)
I want to find p but I don't understand the terms ni and Si, help appreciated.