The formula to calculate the compound probability is:
\[ PA:PB = PA \times PB \]
Where:
A compound probability is the chance of two events both happening. In most cases, we say this as events A and B. To get the probability of these events both happening, you need to first get the probabilities of these happening on their own. Once you have the chances of the individual events happening, you simply multiply the two chances to get the probability of both happening. It’s important to note that this must be their probability in terms of ratio, not percent.
Let's assume the following values:
Step 1: Calculate the Compound Probability (PA:PB):
\[ PA:PB = PA \times PB = 0.5 \times 0.3 = 0.15 \]
The compound probability is 0.15.
