We know that Jenny has a 70% chance to be active in 2020, and the yearly retention rate is 90% (i.e., the likelihood of being active in the next year, given that a customer is active in a particular year is 90%). What is thlikelihood that Jenny will still be active in 2022 (choose the closest number)?

Answered: Image /qna-images/answer/b43237fd-9830-48ac-960b-00cf2e91b175.jpg

Answered: We know that Jenny has a 70% chance to…

A First Course in Probability (10th Edition)

10th Edition

ISBN:9780134753119

Author:Sheldon Ross

Publisher:Sheldon Ross

Chapter1: Combinatorial Analysis

Section: Chapter Questions

Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...

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Similar questions

Imagine a population evolving by genetic drift, in which the frequency of allele K is 0.6. What is the probability that at some point in the future allele K will drift to a frequency of 1.0? Express your answer as a number between 0 and 1.
When you are asked to calculate the probability that something is going to occur in the future (poisson), what equation do you use?
Assume the below life table was constructed from following individuals who were diagnosed with a slow-progressing form of prostate cancer and decided not to receive treatment of any form. Calculate the survival probability at year 1 using the Kaplan-Meir approach and interpret the results. Time in Years Number at Risk, Nt Number of Deaths, Dt Number Censored, Ct Survival Probability 0 20 1 1 20 3 2 17 1 3 16 2 1 The probability of surviving 1 year after being diagnosed with a slow-progressing form of prostate cancer is .85. The probability of surviving 1 year after being diagnosed with a slow-progressing form of prostate cancer is .85 for the individuals being followed in this study. The probability of surviving 1 year after being diagnosed with a slow-progressing form of prostate cancer is .85 for individuals who decided against all forms of treatment. The probability of surviving 1 year after being…
Suppose that the lifetime of a soft white light bulb follows an exponential distribution with expected value 300 hours, and the lifetime of an bright white light bulb follows an exponential distribution with expected value 700 hours, and the two lifetimes are independent. If we start using both light bulbs at the same time, then what is the probability that the soft white light bulb will burn out before the bright white light bulb?
Benford's Law claims that numbers chosen from very large data files tend to have "1" as the first nonzero digit disproportionately often. In fact, research has shown that if you randomly draw a number from a very large data file, the probability of getting a number with "1" as the leading digit is about 0.301. Suppose you are an auditor for a very large corporation. The revenue report involves millions of numbers in a large computer file. Let us say you took a random sample of n = 250 numerical entries from the file and r = 60 of the entries had a first nonzero digit of 1. Let p represent the population proportion of all numbers in the corporate file that have a first nonzero digit of 1. Test the claim that p is less than 0.301 by using α = 0.01. What does the area of the sampling distribution corresponding to your P-value look like? a. The area in the right tail of the standard normal curve. b. The area not including the right tail of the standard normal curve.…

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