Find the odds in favor of an event whose probability is P(E) = 3/10
P( not E) = 7/10
So odds in favour of E = (3/10) / (7/10)
= 3/7
or often stated as 3 : 7
To find the odds in favor of an event, we need to calculate the ratio of the probability of the event occurring to the probability of the event not occurring.
In this case, the probability of the event occurring is P(E) = 3/10. So, the probability of the event not occurring is 1 - P(E) = 1 - 3/10 = 7/10.
Therefore, the odds in favor of the event are 3/10 : 7/10, which is equivalent to 3:7.
To find the odds in favor of an event, we need to calculate the ratio of the probability of the event occurring to the probability of the event not occurring.
In this case, the probability of the event occurring is P(E) = 3/10. The probability of the event not occurring is the complement of P(E), which is equal to 1 - P(E).
To calculate the odds in favor of the event, we divide the probability of the event occurring by the probability of the event not occurring:
Odds in favor = P(E) / (1 - P(E))
Plugging in P(E) = 3/10, we have:
Odds in favor = (3/10) / (1 - 3/10)
= (3/10) / (7/10)
= (3/10) * (10/7)
= 3/7
Therefore, the odds in favor of the event are 3 to 7.