The chances of winning are often written in terms of odds rather than probabilities. The odds...
The chances of winning are often written in terms of odds rather than probabilities. The odds of winning is the ratio of the number of successful outcomes to the number of unsuccessful outcomes. For example, if the number of successful outcomes is 2 and the number of unsuccessful outcomes is 3, the odds of winning are 2:3. The probability of winning an instant prize game is one tenth 1 10 . The odds of winning a different instant prize game are 1:10. If you want the best chance of winning, which game should you play? Explain your reasoning
Homework Answers
For the first game, the probability of winning = 1/10
= 0.1
For the second game with winning odds 1:10, the probability of winning = Number of successful outcomes/Total number of outcomes
= Number of successful outcomes/(Number of successful outcome + Number of unsuccessful outcome)
1/(1+10)
= 1/11
= 0.091
The probability of winning is high for the first game with probability one-tenth. So, you must play the first game.
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