Question: Microsoft Word - Assignment 1 Three oil companies, A, B, and C, are exploring for oil in an area. The probabilities that they will discover

Microsoft Word - Assignment 1

Three oil companies, A, B, and C, are exploring for oil in an area. The probabilities that they will discover oil are, respectively, 0.40, 0.60, and 0.20. If B discovers oil, the probability that A will also discover oil is increased by 20%, whereas this does affect the chance of C discovering oil (i.e., C is independent of B). Moreover assume that C is also independent of A.

a. What is the probability that oil will be discovered in the area by one or more of the three companies?
b. If oil is discovered in the area, what is the probability that it will be discovered by Company C?
c. What is the probability that only one of the three companies will discover oil in the area'?

Please answer step by step..

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Mathematics Questions!

dear i want to do a report for my financial project, the report should contains company as introduction, and analyze some ratios and some recommendation. FIN 600: Advanced Financial Management Summer...

Hi Ruchi, I need help with the attached assignment. It's due in about a week. Thanks 1) The paper should be written in APA style Research Paper format. This is the link that explains the research...

I have to do an accounting assignment. I have attached the instructions, the questions, and pdf's containing the information requested for the questions. Company Estimates & Opinions Sanmina Corp...

I need this project done by 4/20/17 midnight. It isn't very hard, just dont have time to complete. Please let me know if you have any questions. Instructions and excel attached to this question....

Microsoft Word - 9b 10M 093. doc x X C O File | C:/Users/User/Downloads/9810M093_pcu.pdf O r Update E Microsoft Word - 9b10M093.doc 3 / 13 70% + Page 3 9B 10M093 Page 4 9B 10M093 Iran's diverse...

Hi, Please help me with responding to the discussion questions below because I'm having a hard time answering them myself. I have been up all night, and I'm unable to figure them out. I uploaded a...

Module 2 Assignment: Sunk Cost Read two articles assigned (A1 and A2). Answer all the questions below and submit your answer report to Module 2 Assignment in Dropbox by the deadline . The report...

I need someone that is very good at Principles of accounting and finance to answer the attached questions. It is not a one-day job therefore if you do not have the time, please don't attempt it. The...

this assignment is regarding return the tax of a client by using handy taxassignment. can anyone help me to complete the income section of this assignment, just write the solution in a pdf file?I...

Determine the critical value of x2 with 1 degree of freedom in each of the following circumstances: a. a = 0.01 b. a = 0.005 c. a = 0.10

Use statistics software to make a histogram of this data set: 44, 45, 51, 40, 28, 46, 34, 19. a. Based on the histogram, predict what a box plot of the data will look like. b. Use the software to...

A violation of the profession's ethical standards would most likely have occurred when a CPA: Group of answer choices made arrangements with a bank to collect notes issued by a client in payment of...

As Operational Risk Manager for Dig Deep Mining Company, one of your tasks is to give a short slide presentation on current operational risk issues at your company's upcoming quarterly executive...