If the odds in favor of an event are 3:2, what is the probability of the event o

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Question: If the odds in favor of an event are 3:2, what is the probability of the event occurring?

Options:

Correct Answer: 0.6

Solution:

Probability = Odds in favor / (Total odds) = 3 / (3 + 2) = 3/5 = 0.6.

If the odds in favor of an event are 3:2, what is the probability of the event occurring?

If the odds in favor of an event are 3:2, what is the probability of the event occurring?

Step 1: Understand what odds in favor means. Odds of 3:2 means that for every 3 times the event happens, it does not happen 2 times.
Step 2: Calculate the total number of outcomes. Add the two parts of the odds together: 3 (favorable outcomes) + 2 (unfavorable outcomes) = 5.
Step 3: Find the probability of the event occurring. Use the formula: Probability = Odds in favor / Total odds. Here, it is 3 / 5.
Step 4: Simplify the fraction if needed. 3/5 is already in its simplest form.
Step 5: Convert the fraction to a decimal if required. 3/5 = 0.6.

Odds and Probability – Understanding the relationship between odds in favor of an event and its probability.