Question

You are selling your product at a three-day event. Each day, there is a 60% chance that you will make money. What is the probability that you will make money on the first two days and lose money on the third day

Answer 1

Answer:

The required probability = 0.144

Step-by-step explanation:

Since the probability of making money is 60%, then the probability of losing money will be 100-60% = 40%

Now the probability we want to calculate is the probability of making money in the first two days and losing money on the third day.

That would be;

P(making money) * P(making money) * P(losing money)

Kindly recollect;

P(making money) = 60% = 60/100 = 0.6

P(losing money) = 40% = 40/100 = 0.4

The probability we want to calculate is thus;

0.6 * 0.6 * 0.4 = 0.144