document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=458760>Question 458760</A>: <I><SPAN STYLE=\"word-break: break-all;\"> I need help on this...Thank you!!\r<BR>\n" );
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document.write( "Wing Foot is a shoe franchise commonly found in shopping centers across the United States. Wing Foot knows that its stores will not show a profit unless they gross over $940,000 per year. Let A be the event that a new Wing Foot store grosses over $940,000 its first year. Let B be the event that a store grosses over $940,00 its second year. Wing Foot has an administrative policy of closing a new store if it does not show a profit in either of the first 2 years. The accounting office at Wing Foot provided the following information: 65% of all Wing Foot stores show a profit the first year; 68% of all Wing Foot stores show a profit the second year (this includes stores that did not show a profit the first year); however, 84% of Wing Foot stores that showed a profit the first year also showed a profit the second year. Compute the following. (Use 2 decimal places.)\r<BR>\n" );
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document.write( "(a) P(A).\r<BR>\n" );
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document.write( "(b) P(B).\r<BR>\n" );
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document.write( "(c) P(B | A).\r<BR>\n" );
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document.write( "(d) P(A and B).\r<BR>\n" );
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document.write( "(e) P(A or B).\r<BR>\n" );
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document.write( "(f) What is the probability that a new Wing Foot store will not be closed after 2 years?\r<BR>\n" );
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document.write( "What is the probability that a new Wing Foot store will be closed after 2 years?<BR>\n" );
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document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #314729 by </B><A HREF=/tutors/aboutme.mpl?userid=stanbon><B>stanbon(75887)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=stanbon><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=314729\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Wing Foot is a shoe franchise commonly found in shopping centers across the United States. Wing Foot knows that its stores will not show a profit unless they gross over $940,000 per year. <BR>\n" );
document.write( "Let A be the event that a new Wing Foot store grosses over $940,000 its first year. <BR>\n" );
document.write( "(P(A) = 0.65)<BR>\n" );
document.write( "Let B be the event that a store grosses over $940,00 its second year.<BR>\n" );
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document.write( "Wing Foot has an administrative policy of closing a new store if it does not show a profit in either of the first 2 years. <BR>\n" );
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document.write( "The accounting office at Wing Foot provided the following information: <BR>\n" );
document.write( "65% of all Wing Foot stores show a profit the first year; P(A) = 0.65 <BR>\n" );
document.write( "68% of all Wing Foot stores show a profit the second year (this includes stores that did not show a profit the first year); P(A or B) = 0.68 <BR>\n" );
document.write( "however, <BR>\n" );
document.write( "84% of Wing Foot stores that showed a profit the first year also showed a profit the second year. (P(B | A ) = 0.84 <BR>\n" );
document.write( "Compute the following. (Use 2 decimal places.) <BR>\n" );
document.write( "(a) P(A)= 0.65. \r<BR>\n" );
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document.write( "(b) P(B)= 0.68.<BR>\n" );
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document.write( "(c) P(B | A)= P(A and B)/P(A) = 0.55/0.65 = 0.85 \r<BR>\n" );
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document.write( "(d) P(A and B) = P(B|A)*P(A) = 0.84*0.65 = 0.55 (2 decimal places) \r<BR>\n" );
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document.write( "(e) P(A or B)= 0.68 \r<BR>\n" );
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document.write( "(f) What is the probability that a new Wing Foot store will not be closed after 2 years?<BR>\n" );
document.write( "P[(A or B)] = 0.68 \r<BR>\n" );
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document.write( "What is the probability that a new Wing Foot store will be closed after 2 years?<BR>\n" );
document.write( "P[(A or B)'] = 0.32<BR>\n" );
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document.write( "Check these out carefully.<BR>\n" );
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document.write( "Cheers,<BR>\n" );
document.write( "Stan H.<BR>\n" );
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