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After the quarter finals of the Rugby World cup, when offering you to bet on the winner, a friend of yours states that the odds for South Africa, new Zealand, England, Argentina, to be crowned World Champion are respectively: 5-6,5-4, 12-1, 40-1. Given these odds, who can take advantage of the other? O a. You O b. No one O c. Your friend

After the quarter finals of the Rugby World cup, when offering you to bet on the winner, a friend of yours states that the odds for South Africa, new Zealand, England, Argentina, to be crowned World Champion are respectively: 5-6,5-4, 12-1, 40-1. Given these odds, who can take advantage of the other? O a. You O b. No one O c. Your friend

MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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After the quarter finals of the Rugby World cup, when offering you to bet on the winner, a friend of yours states that the odds for South Africa, new Zealand, England, Argentina, to be crowned World Champion are respectively: 5-6,5-4, 12-1, 40-1. Given these odds, who can take advantage of the other? a. You b. No one O c. Your friend
Transcribed Image Text:After the quarter finals of the Rugby World cup, when offering you to bet on the winner, a friend of yours states that the odds for South Africa, new Zealand, England, Argentina, to be crowned World Champion are respectively: 5-6,5-4, 12-1, 40-1. Given these odds, who can take advantage of the other? a. You b. No one O c. Your friend
Expert Solution
Step 1: calculatig implied probabilities from odds

Here's how you can calculate the implied probabilities from the odds:

  1. South Africa: Odds 5-6, so the implied probability is 6 / (5 + 6) = 6/11 ≈ 0.5455.
  2. New Zealand: Odds 5-4, so the implied probability is 4 / (4 + 5) = 4/9 ≈ 0.4444.
  3. England: Odds 12-1, so the implied probability is 1 / (1 + 12) = 1/13 ≈ 0.0769.
  4. Argentina: Odds 40-1, so the implied probability is 1 / (1 + 40) = 1/41 ≈ 0.0244.
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