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 Description  
 Theoretical Probability:  The mathematical calculation that an event will happen in theory.
A coin has a head and a tail. In theory, when you flip a coin, half of the time, it should land on heads and half the time it should land on tails.

P(event) = # of chances event happens / # total events

P(heads) = 1/2

In flipping a coin, there are two different possible outcomes, heads or tails. Only one of those is considered successful if we want to flip a head.