as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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describe the mathematical concept of probability.
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the mathematical concept of probability is used to describe the likelihood that a certain event will occur. it is typically expressed as a fraction, decimal, or percentage and can range from 0 to 1, where 0 indicates that the event has no probability of occurring, and 1 indicates that the event has a 100% chance of occurring. probability can help to inform decisions by providing information on how likely an event is to occur, given the known parameters.
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