Question: ERL has a 40% probability that EPS>$3. The probability that ERL's credit rating will be upgraded is 0.70 if EPS>$3 and 0.20 if EPS

ERL has a 40% probability that EPS>$3. The probability that ERL's credit rating will be upgraded is 0.70 if EPS>$3 and 0.20 if EPS<=$3. If ERL's credit rating has been upgraded, what is the updated probability that its EPS>$3?

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