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Example of Probability:
Example:
By using a die, what is the probability of rolling two 3s in a row?
Solution:
From the previous example, there is a 1/6 chance of rolling a three on a single throw. Thus, the chance of rolling two threes is:
1/6 x 1/6 = 1/36 one in 36 tries.
An elementary game is played through rolling a die and drawing a ball from a bag holding 3 white and 7 black balls. The player wins while he rolls a number less than 4 and draws a black ball. What is the probability of winning in the first attempt?
There are 3 successful outcomes for rolling less than a 4, (i.e. 1,2,3). The probability of rolling a 3 or less is:
3/(3+3) = 3/6 = 1/2 or 50%.
A probability of drawing a black ball is:
7/(7+3) = 7/10.
Thus, the probability of both events happening at the similar time is:
7/10 x 1/2 = 7/20.
Find the present value of an ordinary annuity which has payments of 2300 per year for 15 years at 6% compounded annually
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