The odds that tax revenue in a certain country comes from property taxes are 42:58. Find the probability that tax revenue comes from property taxes. \( \begin{array}{l}\text { Set-up an equation to find the probability of } \\ \text { the event occurring. } \\ P(E)=\square \\ \text { (Use integers or fractions for any numbers } \\ \text { in the expression. Do not perform } \\ \text { the calculation.) }\end{array} \)

To find the probability that tax revenue comes from property taxes given the odds of 42:58, we can set up the equation using the formula for converting odds to probability. The probability \(P(E)\) of an event is given by the formula: \[ P(E) = \frac{\text{number of favorable outcomes}}{\text{number of favorable outcomes} + \text{number of unfavorable outcomes}}. \] For this situation, the number of favorable outcomes is 42 (property taxes), and the number of unfavorable outcomes is 58 (other taxes), so we can set up the equation as follows: \[ P(E) = \frac{42}{42 + 58}. \] This simplifies to \(P(E) = \frac{42}{100}\), but as per your instruction, we will not perform the calculation.