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For a certain horse race comma the odds in favor of a certain horse finishing in second place horse race, the odds in favor of a certain horse finishing in second place are given as 99 to 9191. Express the indicated degree of likelihood as a probability value between 0 and 1 inclusive.

User Kereen
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1 Answer

7 votes

Answer:

indicated degree of likelihood is 0.09.

Explanation:

As it was informed by the question the odds of the horse winning second place is equal to
(9)/(91). To express the indicated degree of likelihood we use the following formula:


odds = (p)/(1-p)

We need to find probability.


(9)/(91) = (p)/(1-p) \Rightarrow (9p)/(91) + p = (9)/(91) \Rightarrow p((9)/(91) + 1) = (9)/(91) \Rightarrow (100p)/(91) = (9)/(91) \Rightarrow 100p = 9 \Rightarrow p = (9)/(100) = 0.09\\\

So the indicated degree of likelihood is 0.09.

User Zloster
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