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September 1, 2015

Homework Help: math

Posted by Tiff on Monday, October 4, 2010 at 10:05pm.

Assume that the business makes a profit with probability 0.3 in the first year. For each year thereafter, the business makes a profit with probability 0.7 if it made a profit in the previous year, and with probability 0.2 if it did not make a profit in the previous year.


What is the probability that the business makes a profit in exactly two of its first three years?

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