SOLUTION: The chartered financial analyst (CFA) is a designation earned after taking three annual exams (CFA I,II, and III). The exams are taken in early June. Candidates who pass an exam ar

Question 1146405: The chartered financial analyst (CFA) is a designation earned after taking three annual exams (CFA I,II, and III). The exams are taken in early June. Candidates who pass an exam are eligible to take the exam for the next level in the following year. The pass rates for levels I, II, and III are 0.5, 0.71, and 0.87, respectively. Suppose that 3,000 candidates take the level I exam, 2,500 take the level II exam and 2,000 take the level III exam. Suppose that one of the 7,500 candidates is selected at random. What is the probability that he or she passes the exam?
Answer by Glaviolette(140) (Show Source): You can put this solution on YOUR website!
.5*3000 = 1500 will pass I
.71*2500 = 2775 will pass II
.87*2000 = 1740 will pass III
That's a total of 5015 passing an exam.
5015/7500 = .669 = 66.9%
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