Question

Suppose the odds against winning a $3 prize in a lottery game are 8 to 3. What is the probability of winning $3 in the game?

Answer 1

The probability of winning $3 is about 0.7272 or 72.72 %

Explanation:

Given:

Odd against favor are 8:3

To Find:

The probability of winning $3.

Solution:

We know that probability for success is given as follows:

Odd against favor is in ratio 8:3

General formulation is termed as antecedent and consequent .

here antecedent is 8 and

consequent is 3 .

And odd against favor is termed as ratio of failures.

We need to know odds in favor.

Probability (Odds in favor)=Antecedent /(Antecedent+consequent)

=8/(8+3)

=8/11

=0.7272

or 72.72 %

The probability if winning $3 is about 0.7272 or 72.72 %