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Lena772

  • one year ago

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: 69% of all Wing Foot stores show a profit the first year

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  1. Lena772
    • one year ago
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    69% of all Wing Foot stores show a profit the second year (this includes stores that did not show a profit the first year); however, 83% of Wing Foot stores that showed a profit the first year also showed a profit the second year. Compute the following. (Enter your answers to four decimal places.)

  2. Lena772
    • one year ago
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    (a) P(A) 0.69 Correct: Your answer is correct. (b) P(B) 0.69 Correct: Your answer is correct. (c) P(B | A) 0.0069 Incorrect: Your answer is incorrect. (d) P(A and B) 0.4761 Incorrect: Your answer is incorrect. (e) P(A or B) 0.4278 Incorrect: Your answer is incorrect. (f) What is the probability that a new Wing Foot store will not be closed after 2 years? 0.5727 Incorrect: Your answer is incorrect. What is the probability that a new Wing Foot store will be closed after 2 years? 0.4273 Incorrect: Your answer is incorrect.

  3. ganeshie8
    • one year ago
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    for part c) P(B | A) means : the probability that profit also occurs in second year, "given that" the profit has occured in first year.

  4. ganeshie8
    • one year ago
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    read below sentence from the question : ` 83% of Wing Foot stores that showed a profit the first year also showed a profit the second year`

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