Problem You open a new savings account on April 1 with an initial $1000 at a local bank that pays 2% interest, compounded monthly on the last day of the month. You file the necessary direct deposit paperwork at you job, where you get paid monthly on the first of the month, so that $500 will be auto-deposited into your new account each month, starting with your May paycheck. In June, you withdraw $250 to pay for a new mobile phone. In July, you withdraw $750 to help pay for your summer vacation. There are no other transactions. What is your account balance on August 2? е н O DELL F2 F3 F4 F5 F6 F7 F8 F9 @ $ 4 # % A & 2 3 6 7
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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