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A. Inflation is the rate of increase in prices over a given period of time. Suppose that in 2022 the probability that increase in inflation is 0.6. Given that inflation rate increases in 2022 the probability that it will increase in 2023 is 0.3. Find the probability that it increases in both years. B. Tim has an instructor who gives a midterm exam and final exam. The probability that a student passes the midterm exam is 0.6. Given that a student fails the midterm exam, the probability that the student passes the final exam is 0.8. What is the probability that Tim fails the midterm and passes the final?

A. Inflation is the rate of increase in prices over a given period of time. Suppose that in 2022 the probability that increase in inflation is 0.6. Given that inflation rate increases in 2022 the probability that it will increase in 2023 is 0.3. Find the probability that it increases in both years. B. Tim has an instructor who gives a midterm exam and final exam. The probability that a student passes the midterm exam is 0.6. Given that a student fails the midterm exam, the probability that the student passes the final exam is 0.8. What is the probability that Tim fails the midterm and passes the final?

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter9: Counting And Probability
Section9.4: Expected Value
Problem 20E
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A. Inflation is the rate of increase in prices over a given period of time. Suppose that in 2022 the probability that increase in inflation is 0.6. Given that inflation rate increases in 2022 the probability that it will increase in 2023 is 0.3. Find the probability that it increases in both years. B. Tim has an instructor who gives a midterm exam and final exam. The probability that a student passes the midterm exam is 0.6. Given that a student fails the midterm exam, the probability that the student passes the final exam is 0.8. What is the probability that Tim fails the midterm and passes the final?
Transcribed Image Text:A. Inflation is the rate of increase in prices over a given period of time. Suppose that in 2022 the probability that increase in inflation is 0.6. Given that inflation rate increases in 2022 the probability that it will increase in 2023 is 0.3. Find the probability that it increases in both years. B. Tim has an instructor who gives a midterm exam and final exam. The probability that a student passes the midterm exam is 0.6. Given that a student fails the midterm exam, the probability that the student passes the final exam is 0.8. What is the probability that Tim fails the midterm and passes the final?
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