Question

suppose the odds in favor of a person who is alive at age 20 still being alive at age 70 are 198 to 271. find the probability that a person who is alive at age 20 will still be alive at age 70. the probability is (type an integer or a simplified fraction.)

Explanation:

Step1: Recall odds - probability relationship

If the odds in favor of an event $E$ are $a$ to $b$, then the probability of the event $E$ is given by $P(E)=\frac{a}{a + b}$. Here, $a = 198$ and $b=271$.

Step2: Calculate the probability

$P=\frac{198}{198 + 271}=\frac{198}{469}$

Answer:

$\frac{198}{469}$