An oil company purchased an option on land in Alaska. Preliminary geologic studies assigned the following prior probabilities.   P(high-quality oil) = 0.50 P(medium-quality oil) = 0.20 P(no oil) = 0.30     If required, round your answers to two decimal places. (a) What is the probability of finding oil?         (b) After 200 feet of drilling on the first well, a soil test is taken. The probabilities of finding the particular type of soil identified by the test are as follows.       P(soil | high-quality oil) = 0.20 P(soil | medium-quality oil) = 0.80 P(soil | no oil) = 0.20       How should the firm interpret the soil test?   The probability of finding oil is good. Given the probability of finding good soil, the oil company is more likely to find - Select your answer -medium-qualityhigh-qualitynoItem 2  oil.       What are the revised probabilities?       Events P(Ai) P(S | Ai)   P(Ai ∩ S)   P(Ai | S) High Quality (A1)             Medium Quality (A2)             No Oil (A3)                   P(S)=               What is the new probability of finding oil?

In looking over customer data for your local ice cream shop, you estimate the following probabilities about what customers order: P(vanilla) = 0.4 P(sundae) = 0.4 P(vanilla and sundae) = 0.1 What is the probability that a customer order vanilla ice cream given they ordered a sundae? Estimate your answer to the first decimal place.

Answer the following question Michael is given 5 wads of paper to shoot into the basket, with a 90% accuracy rate. What is the probability that Michael will be successful with at least 4 of those shots?

A company that explores for oil in the ocean is considering two new sites, A and B. The exploration will take the entire year. The company estimates the probability of finding oil is 0.19 at site A and 0.03 at site B. The sites are far enough apart so that whether or not oil is found at one site is independent of it being found at the other. Round your answers to three decimal places, and use four decimal places in any interim calculations. Find the probability that the company will find oil at both sites: .006 Hint: Try making a probability table. only one of the sites: 163 neither of the sites: least one of the sites:

An insurance policy on an electrical device pays a benefit of $2400 if the device fails during the first year. The amount of the benefit decreases by $800 each successive year until it reaches 0 . If the device has not failed by the beginning of any given year, the probability of failure during that year is 0.29.Find the expected benefit under this policy.

You want to study the probability of a single slug surviving one day after excessive heat exposure, so you design an experiment where you expose 100 slugs to a temp of 40 degrees Celcius for 6hrs then record the casualties and survivals after 24hrs. In the end, 45 slugs died.    a. Determine the probability of all possible events b. Based on your experimental results, determine the probability of the single snail surviving c. How many individuals would you expect to survive after 24hrs from exposure if the experiment was run with 520 slugs instead of 100?

In Hawaii, the rate of motor vehicle theft is 520 thefts per 100,000 vehicles. A large parking structure in Honolulu has issued 568 parking permits. (a) What is the probability that none of the vehicles with a permit will eventually be stolen? (Round λ to 1 decimal place. Use 4 decimal places for your answer.)