Question

The probability that a new small business closes before the end of its first year is...

The probability that a new small business closes before the end of its first year is 42%. In addition, women start 37% of all new businesses. If a woman starts a new business, the probability that the new business closes is 62%.

  1. What is the probability that a randomly selected person is a woman and started a new business closed before the end of the year?

  2. Suppose we select a new business closed before the end of its first year. What is the probability that the person we select is a woman?

  3. What is the probability that a randomly selected person is a man and the new business is closed before the end of its first year?

Math   Statistics-And-Probability   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Ans

1.  0.2294

2. 0.1554

3. 0.2646

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Question 1       (2 marks) A bank found that 37% of its loans to new small businesses...
Question 1       A bank found that 37% of its loans to new small businesses become delinquent. If 9 small businesses are selected randomly from the bank’s files, what is the probability that at least 3 of them are delinquent? If 90 small businesses are selected randomly from the bank’s files, what is the probability that at least 30 of them are delinquent?
In this problem you will be looking at information relating to small business success and failures...
In this problem you will be looking at information relating to small business success and failures in the state of Indiana.  While working at First Source Bank you will be asked to write a report for the SBA relating your findings. A study of the survival of small businesses chose a SRS from the Yellow Pages listings of food-and-drink businesses in 12 counties in central Indiana.  For various reasons, the study got no response from 45% of the businesses chosen.  Interviews were completed...
A career counselor is interested in examining the salaries earned by graduate business school students at the end of the first year after graduation
A career counselor is interested in examining the salaries earned by graduate business school students at the end of the first year after graduation. In particular, the counselor is interested in seeing whether there is a difference between men and women graduates salaries. From random sample of 20 men, the mean salary is found to be 42 780 dollar with a sample standard deviation of 5 426 dollar. From a sample of 12 women, the mean salary is found to...
An insurance company hires its new staff from three agencies, A, B and C, in the...
An insurance company hires its new staff from three agencies, A, B and C, in the ratio 6:1:3. Its staff records show that 12% of recruits from Agency A, 15% of recruits from Agency B and 20% of recruits from Agency C have been judged “unsatisfactory” at the end of their first year. (a) What is the probability that a randomly selected recruit is judged “unsatisfactory”? (b) The company has just assessed a random sample of 15 recruits from a...
Dan Watson started a small merchandising business in Year 1. The business experienced the following events...
Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system. Acquired $30,000 cash from the issue of common stock. Purchased inventory for $18,000 cash. Sold inventory costing $15,000 for $32,000 cash. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity,...
Beethoven Music Company started business in March 2021. Sales for its first year were $400,000. Beethoven...
Beethoven Music Company started business in March 2021. Sales for its first year were $400,000. Beethoven priced its merchandise to yield a 45% gross profit based on sales dollars, meaning that cost of goods sold equals 55% of sales revenue. Industry statistics suggest that 10% of the merchandise sold to customers will be returned. Beethoven estimated its sales returns based on the industry average. During the year, customers returned $30,000 in sales. Beethoven uses a perpetual inventory system, and all...
Flo Choi owns a small business and manages its accounting. Her company just finished a year...
Flo Choi owns a small business and manages its accounting. Her company just finished a year in which a large amount of borrowed funds was invested in a new building addition as well as in equipment and fixture additions. Choi’s banker requires her to submit semiannual financial statements so he can monitor the financial health of her business. He has warned her that if profit margins erode, he might raise the interest rate on the borrowed funds to reflect the...
Flo Choi owns a small business and manages its accounting. Her company just finished a year...
Flo Choi owns a small business and manages its accounting. Her company just finished a year in which a large number of borrowed funds were invested in a new building addition, as well as in equipment and fixture additions. Choi’s banker requires her to submit semiannual financial statements so he can monitor the financial health of her business. He has warned her that as profit margins erode, this might raise the interest rate on borrowed funds to reflect the increased...
Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first...
Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations. Lita Lopez invested $70,000 cash and office equipment valued at $10,000 in the company. The company purchased an office suite for $40,000 cash. The company purchased office equipment for $15,000 cash. The company purchased $1,200 of office supplies and $1,700 of office equipment on credit. The company paid a local newspaper $500 cash for printing an announcement of the office's opening....
Required: Show your complete solution· Write your formula (explicitly) first before actually solving the problem *Clearly...
Required: Show your complete solution· Write your formula (explicitly) first before actually solving the problem *Clearly define your random variables or events. A company uses four machines to produce widgets. Machine A produces 30% of the widgets of which 3% are defective. Machine B produces 25% of the widgets of which 5% are defective. Machine C produces 10% of the widgets of which 4% are defective. Machine D produces 35% of the widgets of which 2% are defective. All produced...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT