Final answer:
The favorite's odds of losing are 3:2, implying for every 3 losses, there are 2 wins. The probability of winning is found by dividing the number of wins (2) by the total outcomes (2 wins + 3 losses = 5), resulting in a probability of 0.4, or 40%.
Step-by-step explanation:
Given the odds 3:2 of losing, the favorite has a higher chance of winning than losing. To find the probability of the favorite winning, we must first understand the concept of odds. The odds given are in the form of losing to winning chances, which means for every 3 chances of losing, there are 2 chances of winning. However, probability is concerned with the ratio of the winning chances to the total number of possible outcomes (winning + losing).
The total number of outcomes is 3 (losing) + 2 (winning) = 5. Therefore, the probability of winning is the number of favorable outcomes (in this case, wins) divided by the total number of possible outcomes. This calculation is 2 divided by 5, which equals 0.4 or 40%.
The probability that the favorite wins the race is 0.4 or 40%.