Statistics and ProbabilityCompute the probability of event E if the odds in favor of E are (49)/(51)
4 weeks ago
Compute the probability of event E if the odds in favor of E are (49)/(51)
1 Answers
Best Answer
brennamaxon Staff answered 4 weeks ago
If P(E) is the probability of the event E, then Odds for E= (P(E))/(1-P(E))= (P(E))/(P(E')) (49)/(51) Odds for E= (P(E))/(1-P(E)) -> (49)/(51)= (P(E))/(1-P(E)) Multiplying both sides by 51 and (1-P(E)) -> 49* (1-P(E))=51P(E) -> 49-49P(E)=51P(E) Adding 49P(E) on both sides -> 49-49P(E)+49P(E)=49P(E)+51P(E) -> 49=100P(E) Dividing both sides by 100 -> P(E)= (49)/(100)
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