What is the probability that the business makes a profit in exactly two of its first three years?
What is the probability that the business makes a profit in exactly two of its first three years?
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.6: Permutations
Problem 31E
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Question
This will be involving the profitability of a small business. Assume that the business makes a profit with probability 0.6 in the first year. For each year thereafter, the business makes a profit with probability 0.8 if it made a profit in the previous year, and with probability 0.4 if it did not make a profit in the previous year.
What is the probability that the business makes a profit in exactly two of its first three years?
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