Question

You are selling your product at a three day event. There's a 60% chance that you will make money. What is the probability that you will make money on the first day and lose money on the second and third day.

Answer 1

The required probability = 0.144

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 = 0.6P(losing money) = 40% = 40/100 = 0.4The probability we want to calculate is thus;0.6 * 0.6 * 0.4 = 0.144