Question

Suppose the probability of having your name drawn for a door prize is 0.01. What are the odds of having your name drawn? Express your answer in the form a:b.

Answer 1

$\begin{gathered} \text{Odds}=\frac{Y}{1-Y} \\ \\ Y\colon\text{ Probability of an event ocurring} \end{gathered}$

For the given event and probability:

$\text{Odds}=\frac{0.01}{1-0.01}=\frac{0.01}{0.99}=1\colon99$