Business, 12.02.2020 05:02 cschellfamily

A particular shoe franchise knows that its stores will not show a profit unless they gross over $940,000 per year. Let A be the event that a new store grosses over $940,000 its first year. Let B be the event that a store grosses over $940,00 its second year. The franchise has an administrative policy of closing a new store if it does not show a profit in either of the first 2 years. The accounting office at the franchise provided the following information: 69% of all the franchise stores show a profit the first year; 77% of all the franchise stores show a profit the second year (this includes stores that did not show a profit the first year); however, 89% of the franchise stores that showed a profit the first year also showed a profit the second year. Compute the following. (Enter your answers to four decimal places.)
(a) P(A)
(b) P(B)
(c) P(B | A)
(d) P(A and B)
(e) P(A or B)
(f) What is the probability that a new store will not be closed after 2 years?

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A particular shoe franchise knows that its stores will not show a profit unless they gross over $940...

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