A firm has classified its customers in two ways: according to whether the account is overdue and whether the account is new (less than 12 months) or old. An analysis of the firm's records provided the the following table of joint probabilities: Overdue Not overdue New 0.52 Old O 06 0 31
A firm has classified its customers in two ways: according to whether the account is overdue and whether the account is new (less than 12 months) or old. An analysis of the firm's records provided the the following table of joint probabilities: Overdue Not overdue New 0.52 Old O 06 0 31
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....
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Transcribed Image Text:A firm has classified its customers in two ways:
according to whether the account is overdue and
whether the account is new (less than 12 months)
or old. An analysis of the firm's records provided
the the following table of joint probabilities:
Overdue Not overdue
New 0.52
Old
0.06
0.31
Fill in the table above to show the probablity that
a randomly choosen account is new and not
overdue.
What is the probablity that a randomly choosen
account is overdue?
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