How many different outcomes are possible if you can choose between a bus or a train, full fare or concession and you can travel in the morning or the afternoon?

3 pairs of choices give rise to 2^3 = 8 possibilities:
.. bus, full, morning
.. bus, full, afternoon
.. bus, concession, morning
.. bus, concession, afternoon
.. train, full, morning
.. train, full, afternoon
.. train, concession, morning
.. train, concession, afternoon

1. 5/82.95% is better than 7/8