Questions: The following table gives the odds that a particular event will occur in a certain region. Convert each odd to the probability that the event will occur. Event Odds for the Event A random lottery ticket will win the jackpot. 1 to 195,199,641 An adult will be struck by lightning during a year 1 to 824,123 An adult will file for personal bankruptcy during a year 1 to 157.8 A person collects stamps 1 to 59.16 The probability of a random lottery ticket will win the jackpot is (Type an integer or a simplified fraction.)

The probability of the event occurring, given odds of "1 to 195199641", is approximately 5.\times 10^{-9}.

Given odds are in the form of "1 to N", where N represents the number of unsuccessful outcomes for every successful outcome. In this case, N is 824123. This means for every 1 successful outcome, there are 824123 unsuccessful outcomes.

The probability \(P\) of the event occurring, given odds of "1 to N", can be calculated using the formula: \[P = \frac{1}{1 + N}\] Substituting the given value of N (824123) into the formula, we get: \[P = \frac1{1 + 824123} = 1.2134\times 10^{-6}\]

The resulting probability is already in its simplest form, as it represents the ratio of successful outcomes to the total number of outcomes.

1. Outcomes are mutually exclusive.
2. The odds are fixed and accurately represent the ratio of unsuccessful to successful outcomes.
3. There are no external factors changing the odds dynamically.
4. The odds and resulting probabilities are treated as rational numbers.