I am trying to understand the below formula. It was given to me some time ago and no contact with giver.
NmFin : Normalised FP = ((N+1)-2x) / sqrt(3(N+1)(N-1))
It will be used in a horse race to determine a normalised finishing position for any race.
Suppose the following:
finish position = 5
Number of runners = 12
I'd like to convert for use in Excel, if you can help