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HOW DO YOU CALCULATE PROBABILITY?
To calculate a probability using a working example, let's look at ‘The Widget Company’. If we put all the employees names into a hat what is the chance that we'll pull out the name of the CEO?
We can see that there are nine employees in total and only one CEO.
Therefore, there is a one in nine chance of randomly picking the CEO out of the hat. As we said before we can also express this degree of likelihood as a number between one and zero, in this case 0.11.