Question

at the local racetrack, the favorite in a race has odds 3:2 of winning. what is the probability that the favorite wins the race? a. 0.6 b. 0.4 c. 0.15 d. 0.2

Explanation:

Step1: Recall odds - probability conversion formula

If the odds of an event occurring are \(a:b\), the probability \(P\) of the event occurring is given by \(P=\frac{a}{a + b}\). Here \(a = 3\) and \(b=2\).

Step2: Calculate the probability

Substitute \(a = 3\) and \(b = 2\) into the formula \(P=\frac{a}{a + b}\), we get \(P=\frac{3}{3 + 2}=\frac{3}{5}=0.6\).

Answer:

A. 0.6