SOLUTION: IN GAMBLING, THE CHANCES OF WINNING ARE OFTEN WRITTEN IN TERMS OF ODDS RATHER THAN PROBABILITIES. THE ODDS OF WINNING IS THE RATION OF THE NUMBER OF SUCCESSFUL OUTCOMES TO THE NUMB

Question 556947: IN GAMBLING, THE CHANCES OF WINNING ARE OFTEN WRITTEN IN TERMS OF ODDS RATHER THAN PROBABILITIES. THE ODDS OF WINNING IS THE RATION OF THE NUMBER OF SUCCESSFUL OUTCOMES TO THE NUMBER OF UNSUCCESSFUL OUTCOMES TO THE NUMBER OF SUCCESSFUL OUTCOMES. FOR EXAMPLE, IF THE NUMBER OF SUCCESSFUL OUTCOMES IS 2 and the number of unsuccessful outcomes is 3.THE ODDS OF WINNING ARE 2:3 (read �2 to �3) OR 2/3. (NOTE: IF THE ODDS OF WNNING ARE 2/3. THE PROBABILITY OF SUCCESS IS 2/5)
The odds of an event occurring 2:5.
FIND (A) THE PROBABILITY THAT THE EVENT WILL OCCUR AND (b) THE PROBABILIY THAT THE EVENT WILL NOT OCCUR.
(A) The probability that the event will occur is ��___________. (Round to the nearest thousandths as needed).
(B)The probability that the event will not occur is: __________. (Round to the nearest thousandths as needed).

Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
IN GAMBLING, THE CHANCES OF WINNING ARE OFTEN WRITEN IN TERMS OF ODDS RATHER THAN PROBABILITIES. THE ODDS OF WINNING IS THE RATIO OF THE NUMBER OF SUCCESSFUL OUTCOMES TO THE NUMBER OF UNSUCCESSFUL OUTCOMES.
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FOR EXAMPLE, IF THE NUMBER OF SUCCESSFUL OUTCOMES IS 2 and the number of unsuccessful outcomes is 3, THE ODDS OF WINNING ARE 2:3 (read �2 to �3) OR 2/3. (NOTE: IF THE ODDS OF WNNING ARE 2/3. THE PROBABILITY OF SUCCESS IS 2/5)
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The odds of an event occurring 2:5.
FIND (A) THE PROBABILITY THAT THE EVENT WILL OCCUR:::2/7
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(b) THE PROBABILIY THAT THE EVENT WILL NOT OCCUR.::5/7
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Cheers,
Stan H.
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