Question

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.

Answer 1

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.