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Probability: The Study of Randomness
What is probability?
- Frequency Interpretation: The probability of an outcome is the relative frequency of observing that particular outcome when an experiment is repeated a large number of times under similar circumstances.
example: Tossing a fair coin a large number of times, what is the relative frequency of observing a head?
Prob of head = P(head) = 1/2 = 0.50