SOLUTION: In a certain year, the probability that a person in the United States would declare personal bankruptcy was 0.003. The probability that a person in the United States would declare

Algebra ->  Probability-and-statistics -> SOLUTION: In a certain year, the probability that a person in the United States would declare personal bankruptcy was 0.003. The probability that a person in the United States would declare       Log On


   

Question 1179545: In a certain year, the probability that a person in the United States would declare personal bankruptcy was 0.003. The probability that a person in the United States would declare personal bankruptcy and had recently experienced a "big three" event (loss of job, medical problem, or divorce or separation) was 0.002. What was the probability that a person had recently experienced one of the "big three" events, given that she had declared personal bankruptcy? (Round your answer to four decimal places.)
Answer by ikleyn(52803) About Me  (Show Source):
You can put this solution on YOUR website!
.

In accordance with the definition of conditional probability,


    P = 0.002%2F0.03.


Use your calculator.

Solved and explained.