Question

For a certain instant lottery game, the odds in favor of a win are given as 27 to 73. Express the indicated degree of likelihood as a probability value between 0 and 1 inclusive.

Answer 1

To express the indicated degree of likelihood as a probability value, we can use the formula:

Probability = (Odds in Favor) / (Odds in Favor + Odds against)

Given that the odds in favor of a win are 27 to 73, we can plug these values into the formula:

Probability = 27 / (27 + 73)

Probability = 27 / 100

Probability = 0.27

Therefore, the probability of winning in this instant lottery game is 0.27. This probability value falls between 0 and 1, inclusive.

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