Financial Risk Manager Part 1
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Two events are said to be independent if:
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A
They cannot occur at the same time
B
The occurrence of one of the events affects the probability of occurrence of the other event
C
The occurrence of one of the events does not affect the probability of occurrence of the other event
D
The occurrence of one of the events means the second event is certain to occur
Explanation:
Independent events are those whose occurrences are uncorrelated. The occurrence of one event does not in any way affect the chances of the other event occurring. In addition, if two events are mutually exclusive, it means they cannot occur at the same time. For example, if a fair coin is tossed, it's impossible to obtain a head and a tail at the same time since the two possible outcomes are mutually exclusive.
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