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Learn about geometric and negative binomial distributions in this 20-minute video lesson designed for SOA Exam P preparation. Master the concepts of independent trials with binary outcomes (success/failure) and understand how to calculate the number of failures before achieving success. Explore key formulas and calculations including probability mass functions, expected values, and variance for both geometric (G(p)) and negative binomial (NB(r,p)) distributions. Gain practical skills in computing expected values, higher moments, mode, median, and percentile calculations essential for probability and univariate random variables sections of the actuarial exam.
