There are 'm' number of favourable cases to event A and 'n' are non-favourable cases, both are equally likely and mutually exclusive, the probability of occurring the event A is P(A) = \(\rm \frac {m}{m+n}\). This formula corresponds to which one of the following approaches to probability ?

The correct answer is (1) Classical approach to probability

Key PointsProbability: When we don't know how an event will turn out, we can talk about the probabilities of certain outcomes—how likely they are. 

Statistics is the study of events that follow a probability distribution.

Additional Information

Four Approaches to probability:

1. Classical approach to probability: An approach appropriate for experiments that can be described with equally likely outcomes.
2. Statistical approach to probability: In this approach, probabilities of events were based on the results of actual experiments.
3. Subjective approach to probability: An approach appropriate to represent an individuals judgments based on facts combined with personal evaluations of other information.
4. Modern approach to probability: It includes both the classical and statistical definition as particular cases and overcomes the deficiencies of each of the approaches.

Therefore, The correct answer is (1) the Classical approach to probability