How do i work out how much i've won on an each way bet?

Question

2.50 each way, horse can in 1st place at odds of 8-1

Answer 1

You should get  8-1 one way, and a quarter of the odds for the other way.

Answer 2

£26.50

Answer 3

an each way bet is actually 2 bets.....£2.50 each way is £2.50 to win and £2.50 to be placed....for the win bet you get £22.50 back....for the place bet it depends on type of race whether you get 1/4 or 1/5 the odds.......handicaps are 1/4....so at 8/1..1/4 = 2/1  giving a return of £7.50

therefore total return for £2.50 each way at 8/1 and winning is £30....if it had been placed ..IE 2/3/4  you would only get £7.50