SOLUTION: : The chair of the board of director says "there is a fifty percent chance this company will earn a profit, 30 percent chance it'll break even, and a 20 percent chance that it will
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Question 576408: : The chair of the board of director says "there is a fifty percent chance this company will earn a profit, 30 percent chance it'll break even, and a 20 percent chance that it will earn money next quarter.
a) use an additional rule to find the probability that the company will not lose money next quarter.
b) use the complement rule to find the probability that the company will not lose money next quarter.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
Since "earn a profit" and "earn money" mean the same thing in the sense that neither is equivalent to "lose money" and "break even" means "not make money" AND "not lose money", the probability that the company will not lose money is 50% plus 30% plus 20% = 100%.
Since none of the listed eventualities, whose probabilties sum to 100%, are considered in the "lose money" category, the probability that the company will not lose money is given by 100% minus 0% = 100%.
John
My calculator said it, I believe it, that settles it
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