Answer:
The probability of winning $3 is about 0.7272 or 72.72 %
Step-by-step 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 %
