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 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 e n M n 1 P A P A Hint Solve the following equation for P A P A 1 P A n n m n nP A 77 n m n n written as 3 to 2 or 3 2 2 P A P A P A 1 P A P A P A nP A b A telemarketing supervisor tells a new worker that the odds of making a sale on a single call are 2 to 19 What is the probability of a successful call Round your answer to two decimal places A sports announcer says that the odds a basketball player will make a free throw shot 5 to 3 What is the probability the
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