An art dealer receives a shipment of five old paintings from abroad, And, on the basis of

Question:

An art receives a shipment of five old paintings from abroad, And, on the basis of past experience, she feels that the probabilities are, respectively, 0.76, 0.09, 0.02, 0.01, 0.02, And 0.10 that 0, 1, 2, 3, 4, or all 5 of them are forgeries. Since the cost of authentication is fairly high, she decides to select one of the five paintings at random And send it away for authentication. If it turns out that this painting is a forgery, what probability should she now assign to the possibility that all the other paintings are also forgeries?
Dealer
A dealer in the securities market is an individual or firm who stands ready and willing to buy a security for its own account (at its bid price) or sell from its own account (at its ask price). A dealer seeks to profit from the spread between the...