Exercise 4.9
The formulas for the odds in terms of the probability of a certain event, and vice-versa, are the following:
odds = \frac{p}{1-p},
p = \frac{odds}{1+odds}.
(a)
With odds=0.37, we get
p = \frac{0.37}{1 + 0.37} \approx 0.27.
(b)
Similarly, if p = 0.16, we have
odds = \frac{0.16}{1-0.16} \approx 0.19.