Probability is a field that can applied to nearly anything. This field highly coincides to Actuarial Science because the probabilities have to be estimated for any type of claim that may arise, and assign rates to make it profitable. The first actuary exam is probability and builds a strong foundation for the field. The problem below shows an example of how probability applies too many different subject areas.
Assuming there are no leap years and every day of the year has an equal probability of being an individuals birthday, what is the least number of people in the room for there to be 50% probability that least two individuals share a birthday? If you are struggling with this problem, take advantage of the three hints that will be provided.
Assuming there are no leap years and every day of the year has an equal probability of being an individuals birthday, what is the least number of people in the room for there to be 50% probability that least two individuals share a birthday? If you are struggling with this problem, take advantage of the three hints that will be provided.