Probability helps us to know the chances of an event occurring. The probability of winning the bet is 0.125.
Probability helps us to know the chances of an event occurring.
[tex]\rm Probability=\dfrac{Desired\ Outcomes}{Total\ Number\ of\ outcomes\ possible}[/tex]
Given the odds on a bet are 7:1, therefore, there are a total of 8 cases out of which only one case is of winning. Thus, the probability of winning the bet will be,
Probability = 1/8 = 0.125
Hence, the probability of winning the bet is 0.125.
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