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Answer to PERCE THE PUNTER:

Perce placed $6 on Asterisk at 5-1. If it came first he would have won $30 (as well as getting back his bet amount).
After deducting the $23 in bets lost on the other four horses he would have made a profit of $7. Similarly Banjo, Cup cake and Ding dong would have returned a profit of $7.
Egg flip would have returned a profit of $6.

There are other ways Perce could have apportioned his $29 but being an astute punter he chose the above method which would give him an almost equal profit of more than $5 regardless of which horse won the race.

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