(a) Translate the following odds to ‘probabilities’: 13/8, 2/1 on, 100/30.(b) In the 2.45 race at Plumpton on 18/10/94 the odds for the five runners were:Philips Woody 1/1Gallant Effort 5/2Satin Noir 11/2Victory Anthem 9/1Common Rambler 16/1Calculate the ‘probabilities’ and their sum.(c) Should the bookmaker base his odds on the true probabilities of each horse winning, or on the amount bet on each horse?