Question Continuation
Given that an individual is selected at random and that he or she has at least one card, what is the probability that he or she has a Visa Card?
Answer:
0.79
Step-by-step explanation:
Given
P(V) = 0.6
P(M) = 0.4
P(V∩M)=0.24
The probability of having at least one card is:
P(V)+P(B)−P(V∩M)=0.6 + 0.4 - 0.24 = 0.76
Denote C={ at least one card }.
So, P(C) = 0.76
The probability you need (definition of conditional probability):
Denote P(V|C)= {Probability that a person with just one card has visa card}
So, P(V|C) = P(V∩C) / P(C)
If you have a Visa card, you have at least one card, so P(V∩C)=P(V) = 0.6
So, P(V|C) = P(V)/P(C)
P(V|C) = 0.6/0.76
P(V|C) = 0.78947368421
P(V|C) = 0.79 ---------- Approximated