I am wondering, how do I ago about calculating 1 in chances from a percentage?
Example:
- A 1 in 2 chance is 50% and 0.5 as a decimal.
What I want to do:
- I have the value 0.1431 (14.3%) and want to convert that into a 1 in chance - any help is much appreciated, thanks.
A $1$ in $n$ chance can be written as $\frac{1}{n}$. This can be set equal to the probability in decimal form, $p$.
$$p=\frac{p}{1}=\frac{1}{n}$$
You should notice that you are simply finding the reciprocal of $p$ to find $n$. This means that if $p$ is a fraction, you can simply swap the numerator and denominator to get $n$.
Simply divide $1\div p$ to get $n$.
In this example, that means: $$n=1\div0.1431\approx\boxed{6.988}$$
So, $0.1431$ ($14.3\%$) is approximately a $1$ in $6.988$ chance.