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Exercise7. (10pts)OddsinFavorandAgainst Sometimesprobabilitystatementsareexpressedintermsofodds. TheoddsinfavorofaneventAaretheratio : P( A ) = P( A ) P( notA ) P( A ) Bettingoddsareusuallystatedagainsttheeventhappening (againstwin-ning) . TheoddsagainsteventWaretheratio : P( notW

Exercise7.(10pts)OddsinFavorandAgainstSometimesprobabilitystatementsareexpressedintermsofodds.

TheoddsinfavorofaneventAaretheratio: P(A) =P(A)

P(notA) P(A)

Bettingoddsareusuallystatedagainsttheeventhappening(againstwin-ning).

TheoddsagainsteventWaretheratio: P(notW)=P(W)

P(W) P(W)

Inhorseracing,thebettingoddsarebasedontheprobabilitythatthehorsedoesnotwin.

(8a)(5pts)A telemarketing supervisor tells a new worker that the odds ofmakingasaleonasinglecallare2to15.Whatistheprobabilityofasuccessfulcall?

(8b)(5pts)In a recent Kentucky Derby, the betting odds for the favoritehorse, Point Given, were 9 to 5. Use these odds to compute the prob-ability that Point Given would lose the race.What is the probabilitythatPointGivenwouldwintherace?

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