State the following and explain Baye’s Theorem – InterviewSolution

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1.	State the following and explain Baye’s Theorem
Answer» Bayes' theorem, named after 18th-century British mathematician Thomas Bayes, is a mathematical formula for DETERMINING CONDITIONAL probability. The theorem provides a way to REVISE existing PREDICTIONS or theories given new or additional evidence. In finance, Bayes' theorem can be used to rate the risk of lending money to potential borrowers. Bayes' theorem is also called Bayes' RULE or Bayes' Law.

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