🔢Probability is the likelihood of an event happening and is calculated by dividing the number of favorable outcomes by the total number of possible outcomes.
🤝When events are mutually exclusive, the probability of both events occurring is calculated by multiplying their individual probabilities.
✖️When events are overlapping, the probability of either event occurring is calculated by summing their individual probabilities and subtracting the probability of both events occurring.
What is the formula for calculating the probability of an event?
—The probability of an event is calculated by dividing the number of favorable outcomes by the total number of possible outcomes.
How do you calculate the probability of both mutually exclusive events occurring?
—For mutually exclusive events, the probability of both events occurring is calculated by multiplying their individual probabilities.
How do you calculate the probability of either of two overlapping events occurring?
—For overlapping events, the probability of either event occurring is calculated by summing their individual probabilities and subtracting the probability of both events occurring.
00:06Introduction and greeting to GMAT enthusiasts
01:00Overview of the session on probability and its importance in GMAT
03:40Explanation of the basic probability formula and examples
08:51Introduction to mutually exclusive events and calculation of their probabilities
13:04Explanation of overlapping events and calculation of their probabilities
11:40Practice problem on calculating the probability of events
12:58Review of the practice problem and correct answer
