Step 1: Using probability relations.
The odds against \( A \) give \( P(A) = \frac{1}{3} \), and the odds in favor of \( A \cup B \) give \( P(A \cup B) = \frac{3}{4} \). By using these values, we can solve for the range of \( P(B) \).
Step 2: Conclusion.
The probability \( P(B) \) lies between \( \frac{5}{12} \) and \( \frac{3}{4} \), corresponding to option (2).