at the local racetrack, the favorite in a race has odds 3:2 of winning. what is the probability that the…

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

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

Answer

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