Question: The answer for the problem please thank. For a certain horse race, the odds in favor of a certain horse finishing in second place are

The answer for the problem please thank.

For a certain horse race, the odds in favor of a certain horse finishing in second place are given as 47 to 53. Express the indicated degree of likelihood as a probability value between 0 and 1 inclusive. The probability is (Round to two decimal places as needed.)

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