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 input for the following table of joint probabilities: Overdue Not overdue New 0.03 0.16 Old 0.54 0.27 One account is selected at random. A. If the account is overdue, what is the probability that it is new? B. If the account is new, what is the probability that it is overdue?

Holt Mcdougal Larson Pre-algebra: Student Edition 2012
1st Edition
ISBN:9780547587776
Author:HOLT MCDOUGAL
Publisher:HOLT MCDOUGAL
Chapter11: Data Analysis And Probability
Section11.8: Probabilities Of Disjoint And Overlapping Events
Problem 2C
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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 input for the following table of joint probabilities:

 

  Overdue Not overdue
New 0.03 0.16
Old 0.54 0.27

One account is selected at random.

A. If the account is overdue, what is the probability that it is new? 

B. If the account is new, what is the probability that it is overdue? 

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