A company audit reveals that 3% of dept budgets contain errors. A program is developed to analyze budgets and in a test, identifies errors in 99% of budgets with errors and 2% of those without. If a budget is marked by the program as possibly having an error, what is the probability that the budget does have an error?

A company audit reveals that 3% of dept budgets contain errors. A program is developed to analyze budgets and in a test, identifies errors in 99% of budgets with errors and 2% of those without. If a budget is marked by the program as possibly having an error, what is the probability that the budget does have an error?

College Algebra

10th Edition

ISBN:9781337282291

Author:Ron Larson

Publisher:Ron Larson

Chapter8: Sequences, Series,and Probability

Section8.7: Probability

Problem 11ECP: A manufacturer has determined that a machine averages one faulty unit for every 500 it produces....

See similar textbooks