Example: bankruptcy
7.1 Sample space, events, probability

7.1 Sample space, events, probability

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Probability of an event E = p(E) = (number of favorable outcomes of E)/(number of total outcomes in the sample space) This approach is also called theoretical probability. The example of finding the probability of a sum of seven when two dice are tossed is an example of the classical approach.

  Probability, Classical

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