Intro to Probability for Business
The term 'n choose k' refers to the mathematical concept of combinations, specifically denoted as $$C(n, k)$$ or $$\binom{n}{k}$$. It represents the number of ways to choose a subset of k elements from a larger set of n elements, where the order of selection does not matter. This concept is crucial for calculating probabilities in scenarios like binomial distributions, where one is often interested in the number of successes in a fixed number of independent trials.
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