If I am given two repeatable events -
- event A - that I am told has a probability of 0.5% to produce result X
- event B - that I am told has a probability of 6% to produce result X
and given that the events have a cost associated with them, can I approximate how many times I would expect to have to perform event A to get result X with the same probability as performing event B once?
ie. how many times would I expect to have to do event A to get a probability of 6% of producing result X, to find out if the cost of doing event A that many times works out more or less expensive than just doing event B once?
Apologies if this has been asked before, but I don't know much about probability and what to search for, the other questions of this form all seem to want to know how many times to repeat event A to get a probability of 100% with some confidence level.