MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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Expand Your Knowledge: Odds Against Betting odds are usually stated against the event happening (against winning). The adds against event W are the ratio. 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 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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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.
expand button
Transcribed Image Text: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.
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