Question

Asked Nov 6, 2019

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An aerospace company has submitted bids on two separate federal government defense contracts. The company president believes that there is a 40 percent probability of winning the first contract. If they win the first contract, the probability of winning the second contract is 70 percent. However, if they lose the first contract, the president thinks the probability of winning the second contract decreases to 50 percent

A. What is the probability that they win both contracts

B. What is the probability that they lose both contracts

C. What is the probability that they win only one contract

Please do not solve using Microsoft Excel. My professor is not teaching using excel. I would like to see the steps taken to getting the solution for my own reference to study.

Step 1

A.

The probability that they win both contracts is obtained below:

The required probability is,

Step 2

B.

The probability that they lose both contracts is obtained below:

The required probability is,

Step 3

C.

The probability that they win only one contract is o...

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