Risk Management Formula

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I have two columns named Probability and Occurrence. Both the columns has a closed list. User have to select from Very Low (1), Low (2), Medium (3), High (4) and Very High (5). When the users select medium from one column and high from the second column then the third column should multiply the 3 x 4 = 12. The third column should give me the number 12.

Any suggestions?

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