SOLUTION: We can calculate odds if we know the probability. But we can also go the other way. Suppose the odds in favor of an event are 3 to 2. We can interpret this as saying that there are

Question 1130332: We can calculate odds if we know the probability. But we can also go the other way. Suppose the odds in favor of an event are 3 to 2. We can interpret this as saying that there are three (equally likely) favorable outcomes and two unfavorable ones. That is a total of five outcomes. So the probability of the event occurring is 3/5. In general, if the odds in favor are p to q, then the probability is
p/(p + q).

Suppose the odds against an event are 5 to 7. What is the probability that the event will occur? (Give the probability as a decimal. Round your answer to three decimal places.)
The probability that the event will occur is
.
What is the probability that the event will not occur? (Give the probability as a decimal. Round your answer to three decimal places.)
The probability that the event will not occur is
.

Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
5:7 are odds against
7:5 are the odds for

is the P that event will occur
---------------------------------
5:7 are odds against

is P event will not happen

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