SOLUTION: Mathematical Connections 9-4 p.574#1 1. Explain the difference between odds and probability.

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Question 353936: Mathematical Connections 9-4 p.574#1
1. Explain the difference between odds and probability.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Explain the difference between odds and probability.
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odds "for" an event (E) = [P(E)/P(not E)]
odds for is the ratio of ways an event can happen to ways it cannot happen.
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odds "against" an event (E) = P(E')/P(E)
odds against is the ratio of ways an even cannot happen to number it can.
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P(E) is the ratio of # of ways an experiment can succeed
compared to the sum of ways to succeed plus ways to fail.
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Cheers,
Stan H.