Below are the probabilities for a set of outcomes. In order to make sure the entire sample space is represented, what must the probability for Outcome 5 be?
Outcome 1 = 0.10
Outcome 2 = 0.30
Outcome 3 = 0.15
Outcome 4 = 0.25
Outcome 5 =
Answer:
0.20
EXPLANATION:
Total Probability = 1.
So, we write:
Outcome 1 + Outcome 2 + Outcome 3 + Outcome 4 + Outcome 5 = 1
Substituting values, we get:
0.10 + 0.30 + 0.15 + 0.25 +Outcome 5 = 1
i.e.,
0.80 + Outcome 5 = 1
So,
Outcome 5 = 1 - 0.80 = 0.20
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