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Finite Mathematics for the Manager...

12th Edition
Soo T. Tan
ISBN: 9781337405782

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BuyFindarrow_forward

Finite Mathematics for the Manager...

12th Edition
Soo T. Tan
ISBN: 9781337405782
Textbook Problem

AUDITING TAX RETURNS A tax specialist has estimated that the probability that a tax return selected at random will be audited is .02. Furthermore, he estimates that the probability that an audited return will result in additional assessments being levied on the taxpayer is .60. What is the probability that a tax return selected at random will result in additional assessments being levied on the taxpayer?

To determine

To find:

The probability that a tax return selected at random will result in additional assessments being levied on the taxpayer.

Explanation

Given:

A tax specialist has estimated that the probability that a tax return selected at random will be audited is 0.02 and the probability that an audited return will result in additional assessments being levied on the taxpayer is 0.60.

Approach:

The expression for conditional probability is given by,

P(F|E)=P(FE)P(E)

Calculation:

E is the event that a tax return is selected at random will be audited.

P(E)=0.02

F is the event that additional assessments being levied on the tax payer.

The probability that an audited return will result in additional assessments being levied on the taxpayer is,

P(F|E)=0.60

The required probability is that a tax return selected at random will result in additional assessments being levied on the taxpayer is P(FE)

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P-9CRESect-7.CRE P-10CRESect-7.CRE P-11CRESect-7.CRE P-12CRESect-7.CRE P-13CRESect-7.CRE P-14CRESect-7.CRE P-15CRESect-7.CRE P-16CRESect-7.CRE P-17CRESect-7.CRE P-18CRESect-7.CRE P-19CRESect-7.CRE P-20CRESect-7.CRE P-21CRESect-7.CRE P-22CRESect-7.CRE P-23CRESect-7.CRE P-24CRESect-7.CRE P-25CRESect-7.CRE P-26CRESect-7.CRE P-27CRESect-7.CRE P-28CRESect-7.CRE P-29CRESect-7.CRE P-30CRESect-7.CRE P-31CRESect-7.CRE P-32CRESect-7.CRE P-33CRESect-7.CRE P-34CRESect-7.CRE P-35CRESect-7.CRE P-36CRESect-7.CRE P-37CRESect-7.CRE P-38CRESect-7.CRE P-39CRESect-7.CRE P-40CRESect-7.CRE P-41CRESect-7.CRE P-42CRESect-7.CRE P-43CRESect-7.CRE P-44CRESect-7.CRE P-45CRESect-7.CRE P-46CRESect-7.CRE P-47CRESect-7.CRE P-48CRESect-7.CRE P-49CRESect-7.CRE P-50CRESect-7.BMO P-1BMOSect-7.BMO P-2BMOSect-7.BMO P-3BMOSect-7.BMO P-4BMOSect-7.BMO P-5BMO

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