00:01
So we want to look at probabilities.
00:02
Probabilities are based on experiments, which means we try things out and see what happens most often and least often.
00:10
And so those are called our outcomes, and we organize those in terms of a sample space.
00:16
An example would be a simple example, simple experiment, just roll in a six -sided die.
00:22
So your experiment could be rolling it a certain number of times, and then you record your outcomes, one, two, three, two, four, six, whatever, and that becomes your sample space, and then you can see what's the probability of rolling each number.
00:39
Now, that's a very simple example.
00:41
However, when it comes through our life, we use probabilities in a lot of different ways, not just for games.
00:47
One important way we use it is for insurance...