SOLUTION: The URS construction company has submitted two bids, one to build a large hotel in London and the other to build a commercial office building in New York City. The company believ

Algebra ->  Probability-and-statistics -> SOLUTION: The URS construction company has submitted two bids, one to build a large hotel in London and the other to build a commercial office building in New York City. The company believ      Log On


   

Question 1178322: The URS construction company has submitted two bids, one to build a large hotel in
London and the other to build a commercial office building in New York City. The
company believes it has a 40% chance of winning the hotel bid and a 25% chance of
winning the office building bid. The company also believes that winning the hotel bid is
independent of winning the office building bid.
1. What is the probability the company will win both contracts?
11. What is the probability the company will win at least one contract?
111. What is the probability the company will lose both contracts?
Answer by ikleyn(52803) About Me  (Show Source):
You can put this solution on YOUR website!
.

(i)    P = 0.4*0.25 = 0.1.                           ANSWER



(ii)   P = 0.4 + 0.25 - 0.4*0.25 = 0.55.             ANSWER



(iii)  P = complement to (ii)  = 1 - 0.55 = 0.45.    ANSWER

Solved.