SOLUTION: Find the probability of event A given that:
(a) the odds in favor of A are 3:2
(b) the odds against A are 4:1
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-> SOLUTION: Find the probability of event A given that:
(a) the odds in favor of A are 3:2
(b) the odds against A are 4:1
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You can put this solution on YOUR website! Find the probability of event A given that:
(a) the odds in favor of A are 3:2
Note: odds for = P(A)/P(not A)
Equation:
P(A)/P(not A) = 3/2
2P(A) - 3P(not A) = 0
----
2P(A) - 3(1 - P(A)) = 0
2P(A) -3 + 3P(A) = 0
5P(A) = 3
P(A) = 3/5
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(b) the odds against A are 4:1
P(A) = 1/5
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Cheers,
Stan H.
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