Question: TechFold Inc. has developed a new smartphone with a foldable display that allows users to expand the screen size for a more immersive experience. Because

TechFold Inc. has developed a new smartphone with a foldable display that allows users to expand the screen size for a more immersive experience. Because this is a novel smartphone design, it would either become very popular (successful outcome) or it will fail miserably (failure outcome). The company thinks there is a 60% chance that the foldable smartphone will be a successful product.
Before making a final decision of whether to launch the new smartphone, TechFold wants to gain more insight into the potential success. They hire a market research firm to conduct focus group surveys. The firm has a history of accurately predicting successful products 80% of the time and unsuccessful products 90% of the time. TechFold Inc. has developed a new smartphone with a foldable display that allows users to expand the screen size for a more immersive experience. Because this is a novel smartphone design, it would either become very popular (successful outcome) or it will fail miserably (failure outcome). The company thinks there is a 60% chance that the foldable smartphone will be a successful product.
Before making a final decision of whether to launch the new smartphone, TechFold wants to gain more insight into the potential success. They hire a market research firm to conduct focus group surveys. The firm has a history of accurately predicting successful products 80% of the time and unsuccessful products 90% of the time. what is the probability that the market resaecrh predicts success?

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