Independent or mutually exclusive event?
You have to decide whether an event is mutually exclusive or independant.
Converse (complementary) probabilities
Often when you work out the probability of an event, you sometimes do not need to work out the probability of an event occurring, in fact you need the opposite, the probability that the event will not occur.
So far we have discussed probabilities in terms of outcomes either occurring or not occurring, but sometimes the gambler will wish to know the probability of an outcome occurring within a given time or during a given sequence of events.
The law of large numbers / "The law of averages"
The theory of probability becomes of enhanced value to gamblers when it is used with the law of large numbers
Monkeys typing the works of Shakespeare
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It is frequently stated in books and articles on probability that if a succession of monkeys were set before a typewriter...