18.27 Odds and personal probability. One way to determine your personal probability about an event is to ask what you would consider a fair bet that the event will occur. Suppose in August 2015 you believed it fair that a bet of $2 should win $7 if the Green Bay Packers win Super Bowl 50.
(a) What does this bet say you believe the odds to be that the Green Bay Packers will win Super Bowl 50?
(b) Convert the odds in part (a) to a probability. This would be your personal probability that the Green Bay Packers will win Super Bowl 50.