Question

For a certain horse race, the odds in favor of a certain horse finishing in second place are given as 31 to 69.

Express the indicated degree of likelihood as a probability value between 0 and 1 inclusive.

Answer 1

Explanation:

The likelihood of a specific horse securing second place is stated as 31 to 69. To transform this likelihood into a probability value ranging from 0 to 1, the following formula can be applied:

Probability = (Number of favorable outcomes) / (Total outcomes)

In this instance, the favorable outcomes denote the instances where the horse is anticipated to secure second place, i.e., 31 times. The total outcomes comprise both favorable and unfavorable scenarios, which sum up to 31 (favorable) + 69 (unfavorable) = 100.

Hence, the probability of the horse clinching second place is calculated as follows:

Probability = 31 / 100 = 0.31

Consequently, the probability of the horse finishing in the second position stands at 0.31. This implies a 31% likelihood of the horse securing second place in the race.