For a certain casino slot machine, the odds in favor of a win are given as 67 to 33. Express the indicated degree of likelihood as a probability value between 0 and 1 inclusive. The probability is ___
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Data:
• Odds in favor of a win are given as 67 to 33.
Procedure
• We have to find the total sample (,T,), which can be calculated as follows:
[tex]T=67+33=100[/tex]Then, to calculate the probability, we have to divide the odds in favor of a win by T.
[tex]\frac{67}{100}=0.67[/tex]Answer: 0.67