Let's take an assumption, each horse runs at uniform speed every time. They all have different but fixed speed tag.
Step 1) Divide the 25 horses into 5 groups. Each group will have 5 horses each.
Step 2) Conduct 5 races for the 5 groups.
Step 3) Conduct an another race with each group winners. (i.e. Fastest from Group 1, Fastest from Group 2, ... , and Fastest from Group 5)
Step 4) Choose the winner from the Step 3. That will be fastest horse. (So, it needs only 6 races to find out the fastest horse of all the 25 horses)
Additionally,
Step 5) Name the horses as below:
{a1,a2,..., a5}--> For the group which has the fastest horse after Step 3 (6th Race)
{b1,b2,...,b5}---> For the group which has the 2nd fastest horse after Step 3
{c1,c2,...,c5}----> For the group which has the 3rd fastest horse after Step 3
{d1,d2,...,d5}---> For the group which has the 4th fastest horse after Step 3
{e1,e2,...,e5}---> For the group which has the 5th fastest horse after Step 3
Where according to their speed, a1>a2>..>a5; b1>b2>..>b5; c1>c2>..>c5; d1>d2>..>d5 and e1>e2>..>e5, also, a1>b1>c1>d1>e1, but not necessarily, b1>a2, c1>b2 etc. [Clearly a1 is the fastest horse]
Step 6) Conduct a race with a2, a3, b1, b2 and c1 to find out the 2nd fastest and 3rd fastest of all the 25 horses.
So, we need to conduct only 7 races to find out the top 3 fastest horses!
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