### 8.2 Estimating Likelihood

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• Math Help

Here are some of the terms used in theoretical probability.

Experiment  An activity whose result is uncertain

Outcome  The possible results of an experiment

Event  A collection of one or more outcomes

Favorable outcome The outcomes of a specific event

Here is how these terms apply to Example 1(a).

Experiment  The Daily Number is drawn.

Outcome  All three-digit numbers, 000 to 999; 1000 possible numbers

Event  You pick one 3-digit number.

Favorable outcome  The number you pick is the Daily Number.

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• Checkpoint Solution

You have a chance to win each time you play. You play 10 times each day for 100 days. So, you expect to win

You spend

If you win once, you will win \$500, making your net earnings

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