Quote:
Originally Posted by BigBen
When computing odds, saying that you have a one in 10,000 chance in something and then doing it ten times DOES NOT MEAN YOU HAVE COMPUNDED YOUR ODDS BY A FACTOR OF TEN.
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Let me give you a vastly simpler example so that we are on the same page:
Suppose I tell you that I have picked a number between one and ten and you are to guess that number. Now, if you guess once, you have a 10% chance of being right. This is the case because you win in 1 scenerio out of the 10 possibilities. 1/10 = 10%
Now, in the same scenerio, if you guess twice, you have a 20% chance of selecting the correct number because you win in 2 scenerios out of the 10 possibilities. 1/10 = 20%
Let's make this even simpler. Suppose that you must guess a number between 1 and 4. If you guess once, there is a 25% chance that you will select the correct number because you win in 1 scenerio out of the 4 possibilities. 1/4 = 25%
If, in the same scenerio, you are given two guesses, you have a 50% chance of guessing correctly because you win in 2 scenerios out of the 4 possibilities. 2/4 = 50%
Let's make this even simpler. Suppose that I am going to flip a coin and you are to guess whether it comes up heads of tails. If you guess once, then you have a 50% chance of being correct because you win in 1 scenerio out of the 2 possibilities. 1/2 = 50%
If you guess twice in this scenerio, then you have a 100% chance of being correct because you win in 2 scenerios out of the 2 possibilities.
My statistics teacher can keep his money, thank you.