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Sometimes probability statements are expressed in terms of odds The odds in favor of an...

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Sometimes probability statements are expressed in terms of odds The odds in favor of an event A are the following ratio P A P A P not A P AC For instance if P A 0 60 then P AC 0 40 and the odds in favor of A are 0 60 6 3 0 40 4 2 a Show that if we are given the odds in favor of event A as n m the probability of event A is given by the following P A n m n 1 P A n Hint Solve the following equation for P A P A 1 P A n nP A n n m n written as 3 to 2 or 3 2 n DAY P A P A P A 1 nP A P A

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