For the probabilities in Exercises 17–20, determine the meaning of the indicated probability.
19. The stockbroker said the chances were high that the blue chip stock would gain in value this year.
5.1.19
“The chances are high that the blue chip stock will gain in value this year” means that the probability that the blue chip stock will gain in value this year is near 1. Therefore it is almost certain that the blue chip stock will gain in value this year.