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    Probability problem

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    The economics department has determined that there is a 30% chance that economy will be strong. Further inquiries reveal that if the stock market is up over the next three months, there is a 50% chance that the economy will be strong, bit if it is down, the chances are only 20%.

    I made a probabilities table:
    strong weak Total
    up 50% 50% 100%
    down 20% 80% 100%
    Total 30% 70% 100%

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    Solution Preview

    Use the following formula to calculate the probability of ...

    Solution Summary

    A formula given for solution and then probabilities computed for you is determined.