Expand Your Knowledge: Odds Against Betting odds are usually stated against the event happening (against winning). The adds against event Ware the ratio NW = TW) P(W) In horse racing, the betting odds are based on the probability that the horse does not win. (a) Show that if we are given the odds against an event Was a:b, the probability of notWis P (W) = . Hint: Solve the equation = KW) P(W) for P(W"). (b) In a recent Kentucky Derby, the betting odds for the favorite horse. Point Given, were 9 to 5. Use these odds to compute the probability that Point Given would lose the race. What is the probability that Point Given would win the race? (c) In the same race, the betting odds for the horse Monarchos were 6 to 1. Use these odds to estimate the probability that Monarchos would lose the race. What is the probability that Monarchos would win the race? (d) Invisible Ink was a long shot, with belting odds of 30 to 1. Use these odds to estimate the probability that Invisible Ink would lose the race. What is the probability the horse would win the race? For further information on the Kentucky Derby, visit the web site of the Kentucky Derby.
Contingency Table
A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.
Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
Expand Your Knowledge: Odds Against Betting odds are usually stated against the
(a) Show that if we are given the odds against an event W as a:b, the
probability of notW is . Hint: Solve the equation for .
(b) In a recent Kentucky Derby, the betting odds for the favorite horse. Point Given, were 9 to 5. Use these odds to compute the probability that Point Given would lose the race. What is the probability that Point Given would win the race? (c) In the same race, the betting odds for the horse Monarchos were 6 to 1. Use these odds to estimate the probability that Monarchos would lose the race. What is the probability that Monarchos would win the race?
(d) Invisible Ink was a long shot, with belting odds of 30 to 1. Use these odds to estimate the probability that Invisible Ink would lose the race. What is the probability the horse would win the race? For further information on the Kentucky Derby, visit the web site of the Kentucky Derby
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