0.51 is the probability that it will purchase the mineral rights to exactly one of the two mountains.
How does probability explain work?
- How likely something is to occur is known as its probability.
- We can discuss the probabilities of various outcomes, or how likely they are, whenever we are unsure of how an event will turn out.
- Statistics is the study of events subject to probability.
The probability that purchase the mineral right to the first mountain = 0.55
p(a) = 0.55
the probability that it will purchase the mineral rights to the second mountain = 0.4
p(b) = 0.4
the probability that it will purchase the mineral rights to exactly one of the two mountains is
P(A) * P(B') + P(B) * P(A')
P(A) = 0.55 , P(A') = 1 - P(A) = 1 - 0.55 = 0.45
P(B) = 0.40 P(B') = 1 - P(B) = 1 - 0.40 = 0.60
Probability = ( 0.55) * ( 0.60) + ( 0.40) * ( 0.45 )
= 0.33 + 0.18
= 0.51
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