3. Videogames Addic tion: After struggling in your courses, and try ing to find joy elsewhere, you derelop a videoga me addiction consuming most of your life. In your favourite RPG, due to a promotion, a sper ial lootbox is sold giving 15% chance to get a particular OP character. These lootboxes can be opened at any time. (Each lootbox is independent of the other lootbox) (a) that OP character in any of the loot boxes? You decide to buy 100 lootboxes upfront to be sa fe. What is the proha bility you don't get (b) character? Also find the variance. If you opem al of these lootboxes, what is the expec ted mumber of times, you get that OP Your parents find out that you used their credit card to buy all the lootera tes and they (c) demand for the money back. These loot boxes costed you $3 each. Luckily for you, the game has a mar ketplace where that charaeter is being sold for $200 each. Will you be able to repay back your par ents and was it a good decision to buy all the lootboxes. (Argue based on the experted cost and experted gain, if on the average this decision was good) 2
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
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