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Probability Relationships

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Suppose you, as manager of Tennessee Grilled Pork, will submit proposals for a small business loan and a city business grant to help fund the building of the new location you submitted to the management teams. The probability of acquiring the small business loan is .79 and the probability of obtaining the city business grant is .25. There is also a small chance, .09, you could be awarded both funding sources.
What is the probability of receiving either the loan or the grant?
What is the probability of receive neither the loan nor the grant?

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Solution Summary

Probability relationships of receiving either a loan or a grant is discussed in the solution.

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What is the probability of receiving either the loan or the grant?
P (loan or grant) = P (loan) + P (grant) - ...

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