2025 CFA Level I Exam: Topic 1. Quantitative Methods - Learning Module 4. Probability Trees and Conditional Expectations

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	1. Expected Value and Variance calculate expected values, variances, and standard deviations and demonstrate their application to investment problems
	2. Probability Trees and Conditional Expectations formulate an investment problem as a probability tree and explain the use of conditional expectations in investment application
	3. Bayes' Formula and Updating Probability Estimates calculate and interpret an updated probability in an investment setting using Bayes' formula

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