Jameson is seeking a loan with a simple interest rate of 3% per year. If he wants to borrow $8,000, then how much will he be cha
rged in interest after 4 years?
2 answers:
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This is an example of conditional probability because we are trying to find the probability of an event occurring GIVEN the occurrence of some other event. There is a formula for this (see image attached).
If we follow this formula, the numerator would be the probability of (A AND B) which in this case is "48% of the class passed BOTH exams." The denominator in the formula would be that "60% of the class passed ONLY THE SECOND exam."
Therefore, P(A and B) = 0.48, which is 48% expressed as a decimal and P(B)= 0.60, which is 60% expressed as a decimal. Then, you can figure out the answer by dividing.
If we follow this formula, the numerator would be the probability of (A AND B) which in this case is "48% of the class passed BOTH exams." The denominator in the formula would be that "60% of the class passed ONLY THE SECOND exam."
Therefore, P(A and B) = 0.48, which is 48% expressed as a decimal and P(B)= 0.60, which is 60% expressed as a decimal. Then, you can figure out the answer by dividing.