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Calculate the probability that both bids are successful
Answer:
The probability that both contracs are successful is 0.21
Step-by-step explanation:
Given
E1 = the event that the bid on the first contract is successful
E2 = the event that the bid on the second contract is successful
P(E1) = 0.3
P(E2) = 0.7
Let P(A) represent the event that both contracts are successful
P(A) = P(E1 and E2)
Since both events are independent. P(A) becomes
P(A) = = P(E1 * P(E2)
By substituton
P(A) = 0.3 * 0.7
P(A) = 0.21
Hence the probability that both contracs are successful is 0.21
