The Foolproof keyword title Method

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Probability represents the long run percentage of (# of times an outcome happens) to (# of times experiment is carried out). Odds represent the long run percentage of (# of times an outcome does not take place) to (# of that time period an outcome arises). If a credit card is randomly chosen from a normal deck of 52 playing cards, the probability this is a spade is certainly 1/4; the odds are 3 to 1 1. The true probability of an event represent the payoff that could make the bet on that function fair.

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